Final Insurance Article of this Insurance Series
“Why Thatch Insurance is Important” is our twelfth insurance article, bringing the information from our previous insurance articles all together. It is a no brainer, because if you have a problem with your property the first place everyone goes to for help is their insurance provider. With the correct insurance cover in place you have the peace of mind that if there is a problem you have back up.
An interesting post on social media actually answered the why thatch insurance is important question very well. It identified an insurance customer complaining about costs of insurance. It was very enlightening that another homeowner wrote a very clear response, supporting the insurers. He explained the importance of having the right thatch insurance (building and contents), due to his personal experience of having to make a serious loss claim and clearly explaining what that cover provided him e.g. from alternative accommodation to reinstatement from losses.
This article is to emphasise the significance of having thatch insurance appropriate to your circumstances, so you have the relevant cover should you need to make a claim.
Thatch Insurance Articles leading up to this one
Our previous Thatch Insurance Articles looked at specific items involved in thatch insurance.
- Thatch Insurance and Rebuild Costs
- Thatch Insurance and Roof Condition
- Thatch Insurance and Fire Safety
- Thatch Insurance and Solid Fuel Burning
- Thatch Insurance Fire Resisting and Fire Barriers
- Thatch Insurance Occupiers
- Thatch Insurance and Electrics
- Thatch Insurance and Listed Properties
- Thatch Insurance and Construction
- Thatch Insurance and Contents
- Thatch Insurance and Rethatching
These are so pertinent to this article. They form the basis of policies and questions you may be asked by insurers. This not only shows the variables involved but further emphasises the significance of getting thatch insurance right.
What our Insurance Associates Said
All of our Insurance Associates were offered the opportunity to contribute and below are their valuable responses.
Please select the heading to link to their contact details.
Brown & Brown
Thatch Insurance plays an extremely important role in keeping your property safe. Thatched properties are more susceptible to risk, and are more likely to suffer from a greater range of risks than a standard property.
The needs of thatched properties can also vary drastically, to the point many insurance companies would be unable to cover every aspect of the property.
This means that finding the right insurer that will take the time to understand your property and can help reduce the cost of your insurance, and cover you in the event of a natural disaster.
Certis
With your thatch insurance, is it about price /cover/claims or all of the preceding words. The answer is all of them. The importance is the limits that apply and the cover for the rebuilding cost that will normally exceed its value. For contents, read the limits that apply and do not pick any figure but ask for an inventory form. In this way it will work for you on a claim if required to get the numbers right.
This guidance is for you to get it right .
Lloyd & Whyte
Insuring your thatched home through a specialist insurance broker ensures your property is covered at the right level. A specialist broker will have the expertise and experience to provide you with a Home Insurance policy that safeguards you against underinsurance and addresses the nuances of insuring an older building.
The cost of building materials and the rates of specialist tradespeople are increasing. Before you get to the point of having to make a Home Insurance claim, you need to be sure that the property is covered for the right amount and your insurance payout will cover a rebuild or renovations.
RebuildCostAssessment.com
Thatched homes are complex to insure. Insurance is vital for protecting these homes, but it only works when it is accurate.
Traditional construction, specialist materials, and skilled labour all increase rebuild costs, yet these factors are often overlooked. As a result, many thatched properties are insured using generic or outdated figures that do not reflect what it would cost to rebuild after a total loss.
The sum insured is based on the rebuild cost and if that figure is wrong, cover can fall short. Getting the rebuild cost right means your insurance does its job and you are protected financially.
Thatch Assist
With thatch insurance costs rising, some homeowners are considering forgoing insurance. Please remember that many risks are entirely beyond your control. Even if your own maintenance is perfect, you can’t prevent a fire spreading from a neighbour’s property or a lightning strike, flash flooding from a blocked public drain or structural issues caused by root damage from a neighbours trees.
If affordability is a challenge, consider just insuring just the building itself, remove optional extras like accidental damage and consider increasing your voluntary excess. It’s better to have a basic safety net than to risk everything on factors you can’t manage.
The Home Insurer
Thatch property insurance is important because it protects you financially against unforeseen perils. Most thatch properties cost more than £750,000 to rebuild if they suffer a fire, or £35,000 for an escape of water repair. Alternative accommodation may be needed and costs a fortune. Ask yourself, can you afford/want to pay that? If you can, is it best use of your money? An annual insurance policy, costing typically £1000-£2000 if correctly disclosed, will pay all those costs less any excess and allow you to spend your money as you wish. Is thatch home insurance important? It’s not important, it’s vital.
Everywhen (formerly Saffron)
Our Everywhen team often hears the same key questions from homeowners looking for simple, reassuring guidance. Here are the ones we answer most often.
How often should my thatched roof be inspected?
A yearly inspection is usually recommended to keep your roof in good condition.
Why is thatched insurance more expensive?
Higher fire risks and specialist repair costs could mean premiums reflect the care these homes need.
What types of thatch are covered?
Typically water reed, long straw and combed wheat reed.
Do I need fire extinguishers at home?
Not always required but strongly encouraged for extra reassurance.
Thatch Cover
Thatched properties are often more expensive and complex to repair than ‘standard’ homes, making insurance an increasingly difficult (yet crucial) decision for some. Specialist materials, skilled labour and limited contractor availability mean even relatively simple losses can cost hundreds of thousands of pounds. Listed buildings and those in conservation areas also face strict planning and heritage requirements, increasing costs and delays. Some owners go uninsured due to rising premiums, but this can be high-risk false economy. There are often legal obligations to reinstate, leaving costs to be funded personally. As always, thorough research of numerous options is the best approach.
In Conclusion
Our thatch insurance article series has been so useful in explaining more about insurance cover. This in turn leads leads to better understanding of why thatch insurance is important so that property owners can move forward and achieve the best cover for their individual needs.
Fire safety has always been high on insurers agendas but recent storms have added to property owners need for comprehensive cover eg floods and other property damage.
The input from our many specialist thatch insurance associates on all of these articles has been hugely appreciated, especially as we are currently receiving a lot of calls and emails on the topic.. Their access to different policies helps our visitors with varying requirements achieve their protection from losses.
If you are looking for thatch insurance please click on the links above or visit the Insurance Category on our bespoke Thatch Directory, and choose the best ones to contact for quotations.