A property in the course of renovation is a tricky proposition to insure at the best of times, but if the structure is listed, this presents an additional challenge. Insurers expect claims to cost more. The same incident occurring at an unlisted and a listed property will see costs multiply in the case of the listed structure, particularly at the higher grades.
During the works phase, renovators are often tempted to skimp on insurance and bodge together a collection of policies which fail to fully cover the risk. In a claim situation, those people tend to find that not opting for specialist contract works cover was a very expensive mistake. This becomes particularly true when the property is listed because the owner does not generally have the freedom to reinstate using cheaper methods and materials. A bespoke contract works package ensures that there are no gaps in cover, so listed property owners can rest easy as far as the conservation authorities are concerned.
It is always true that the sum insured should be correct, but returning to the point that listed building owners generally don’t have the freedom to select cheap methods and materials, any under-insurance can prove very costly. It is always worthwhile considering a professional valuation. We can provide you with a referral if you need one.
It will come as no surprise that listed structures attract a premium loading. This can be mitigated by ensuring that the project risk management programme is on point, and that there is documentary evidence of this. The property market generally is in the hard part of the insurance cycle, and capacity has shrunk significantly. Now more than ever, insurers are fussy. If the risk management around a listed structure project is not of the highest order, it may even become uninsurable.
Working with Renovation Underwriting, we can discuss your options on insuring your listed property. Please contact Cyrus Wakefield on 01306 734 102 for further information or email him at: email@example.com