Historic buildings are a beautiful addition to a property portfolio, with each having their own unique story and features to enjoy. However, more than often, an older building will require more maintenance and sometimes even specialist care. Because of this, it is vital that you adequately cover your heritage building with a bespoke heritage buildings insurance policy.
Risks to owning a historic building
Unlike many new build properties, heritage properties are more susceptible to fire risk. They often have thatched rooves or are made of materials that are not as fire resistant. And if you own a public building, such as a church, then you may find that it is at a higher risk of being burgled. Likewise, if your building is vacant for sustained periods of time. To minimise the financial loss, it is always recommended to have building insurance for listed buildings in place.
You can increase your heritage building insurance cover to include events out of your control. As with most commercial property insurance, you can also include public liability. This is helpful in the event that a member of the public sustains and injury whilst in your building.
Another risk that you may not have considered is the chance that your building loses value when it has had a part of it restored. At Alan & Thomas, we can help you in the event of a poor restoration and include it in your heritage building insurance policy.
Why is it different to standard commercial property insurance?
Building insurance for listed buildings is different to standard commercial property insurance because it must account for the higher risks that come with a heritage building. This is why a rebuild cost assessment is strongly recommended with a heritage property. It’s important to be aware that the figure will likely be higher than a new build. Most often, this is due to the unique materials and style required.
If your heritage property is open for public use, such as an art gallery or museum, you will not want to secure your building, but you will also need bespoke contents cover to protects your valuable items. More importantly, you will need to make sure you have public and employer liability cover. Take a look at our additional insurance services to find out more on what to include in your commercial property insurance policy.
Why is the right heritage building insurance policy important?
If something goes wrong and your historic building insurance does not have a comprehensive cover, you will not have financial protection needed. In the event of malicious damage or a fire, the claim would most likely be seen as void by your insurer. This is where you could find yourself spending a lot of money on repairs when you could have made a claim.
With higher risks of a heritage building, such as damp and timber decay, comes higher potential costs. And you will need to provide evidence of how you are mitigating risks to your insurer. As reputable insurance brokers, we are more than happy to discuss any potential problems with you. We will ensure that your heritage building insurance policy is thorough and bespoke.
We offer an extensive range of private client and commercial insurance covers, as well as offering bespoke heritage building insurance. To contact us and speak to an advisor, call 01202 754 900. You can also email info@alan-thomas.co.uk with any enquiries you may have.