Don’t risk your listed property cover

Many people living in listed and period properties across the South West could be unknowingly putting their homes at risk by being underinsured, according to Cornish Mutual.

The company is concerned some home owners may not have the right level of insurance (sums insured) in place and could be left facing hefty repair bills if the building were to suffer damage this winter.

According to English Heritage, the Government’s statutory adviser on the historic environment, there are 88,472 listed buildings in the South West with 2.1 per cent of Grade I and II properties currently at risk (Heritage Counts 2009 survey).

“Understandably these buildings are often more expensive to rebuild or repair – there are potentially hidden costs involved and people should always seek professional, detailed advice from a surveyor on their valuation for rebuilding purposes,” says Cornwall Area Business Development Manager Mitch Portman.

“Firstly, make sure you tell your insurance company that your property is listed. Work on any listed property will often need to meet special Grade requirements and the cost of insurance claims could feasibly work out at more than the average cost of repairing and restoring a non-listed home. Often modern building materials cannot be used to reduce cost – organisations like English Heritage can insist like-for-like materials are used in any repairs or rebuild work on a listed or period property.”

“The character of a property will need to be maintained and often specialist builders, skilled craftsmen or contractors will have to be employed to carry out the work – the costs can soon add up. While Cornish Mutual does not offer specialist valuations, we do provide buildings insurance for listed homes,” he says.

Alistair Shakerley, from Fowey, (pictured) is the owner of a Grade II listed 14th-17th Century manor house (Tredudwell Manor) which is the main house for a 600 acre estate. He hosts weddings and marquees on the lawn and has a buildings and contents policy in place with Cornish Mutual.

Alistair, who has been a Member since 2007, says he had previously been insured by a competitor, “My local insurance Inspector, Dave Bersey, lives just up the road and understands the whole estate business. I know I have the right level of cover in place because he’s able to visit the property, make an assessment and fully understands the circumstances.”

He adds, “I’m grateful that I have quality cover in place and that Cornish Mutual understands period and listed homes. It’s important that you get your sums insured right from the outset and I wouldn’t go back to insuring with someone I didn’t know.”

Kellymarie Smith, Director of the Listed Property Owners Club says: “Many listed property owners are underinsured and don’t realise it.”

“There is a big danger that some online direct sales and price comparison websites keep quoting time to a minimum, simplifying the quotation process by including small print about the property being of standard construction.  Some owners presume that if it is not mentioned then you are still covered, but this isn’t always the case.”

“If disaster strikes and the council’s conservation officer insists you reinstate with similar materials and methods to match the rest of the building, would your present household insurer be willing to cover the full costs?  If not, the consequences aren’t worth imagining,” she adds.

Related posts:

1. Keep it clean to avoid fire risk this winter
2. South West farmers risk livelihoods
3. Cut costs not cover
4. Diversification – The importance of keeping your insurer in the loop
5. Insurance risks for holiday homeowners

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