There are over 500,000 listed buildings in the UK and due to the complexity of maintaining them and strict rules set by the English Heritage- for example, if in the event of damage, the building must be re-built completely as long as more than 40% of the original building is intact- many insurance companies won’t offer insurance on them to home owners.
Factors affecting the insurance of listed buildings include the potential costs of rebuilding in the case of an accident, and because of the English heritage rules the property has to be rebuilt. They also have to take into account the specialist tools needed to repair the building and the cost of the trained workers to do this. The building needs to be properly valued by a historical expert and the high net worth cover needs to be taken into consideration. Most high net cover will cover buildings up to £250,000 and contents up to £75,000- as such, specialist insurers are needed due to the value of listed buildings.
When getting a quote for listed buildings insurance the prices may be a little higher than normal home insurance due to the specialist nature of the cover. Each company you contact should have staff that are fully trained in regards to insuring listed buildings and they will send a specialist to value your house and assess it before the policy is confirmed. Each policy is completely different depending on the building and the individual- bearing in mind a listed building can be anything from a quaint little thatched cottage to a grand castle or stately home- and to accommodate this, buildings are graded as 1, 2 or 3. Grade 1 is the highest and classed as a place of “exceptional interest”, Grade 2 is an “important example of special interest” and Grade 3 is “special interest”.
Not only are repairs and restorations covered by listed buildings insurance, but you’re also covered for if you have to move out during the repair works- this is because the time it takes to do renovations on a listed building is considerably longer than it takes on a normal home.