Hi folks,
We have a Grade II* Georgian townhouse that we bought two years ago. Our first listed property and the last two years have been intense, or stressful at least.
Initially we took out insurance with a company called Frontier. The insurance was expensive (for us) at £1200 a year (i can hear you laughing). There was no upward limit on the policy for either buildings or contents, so we were golden, as far as we were concerned.
The next year, it went up to £1480, gulp, okay... Then at the end of the second year, the insurance company emails saying they're not going to offer to renew our insurance - no explanation (never made any claims or anything). I think they've stopped insuring listed properties.
Now, everywhere I look, as soon as i say 'listed' I get people saying nope. I'm a member of the Listed Properties Owners Club, so I seek out a quote from them at they act as brokers too. They want to know my rebuild cost. Okay. They tell me I need a rebuild cost assessment. What did it show on my survey when we bought it? Nothing. A level 3 survey doesn't include this. Use an online company to give us a figure. Okay. £4.45m. WHAT??! But the property is only worth £1.32m ish??? Our only quote at this rebuild cost is £9k a year!! Most companies won't even entertain us.
So. You've probably been here before, or not, and are here now. Commiserations. My question is this: that rebuild cost is really rather high, and has been done by some 21 year old pimply graduate in a call centre who's never walked inside a georgian townhouse, let alone mine. So, who gives the best rebuild cost assessments? The most accurate ones? or the lowest ones??
Currently I have found insurance through a specialist broker who did a little calculation herself that came to £2.1m but we have to get a proper one done within 30 days. £2.1m is quite different to £4.45m. I found one specialist broker who was happy to insure me for a rebuild of £1.3m and he was sure that this was a large enough sum, and the underwriters didn't need a rebuild cost assessment done, but the premium was still £3,700 a year, but I know that's doesn't sound right...
It's a minefield, I know. Everyone who we've spoken to who pays £60 a month to direct line for their listed building might as well be throwing that in the bin, they're not insured, at all, but ignorance is bliss. Throwing £3.7k a year in the bin is harder to accept, and gives me NO piece of mind now.
Has anyone who has discovered the pitfalls of listed property rebuild cost assessments found any particular company that seems to give low assessments? I'm fairly sure they're all in the pockets of the insurance companies, and that this is all a big scam, but never the less... here we are.
Many thanks and commiserations in advance.
We have a Grade II* Georgian townhouse that we bought two years ago. Our first listed property and the last two years have been intense, or stressful at least.
Initially we took out insurance with a company called Frontier. The insurance was expensive (for us) at £1200 a year (i can hear you laughing). There was no upward limit on the policy for either buildings or contents, so we were golden, as far as we were concerned.
The next year, it went up to £1480, gulp, okay... Then at the end of the second year, the insurance company emails saying they're not going to offer to renew our insurance - no explanation (never made any claims or anything). I think they've stopped insuring listed properties.
Now, everywhere I look, as soon as i say 'listed' I get people saying nope. I'm a member of the Listed Properties Owners Club, so I seek out a quote from them at they act as brokers too. They want to know my rebuild cost. Okay. They tell me I need a rebuild cost assessment. What did it show on my survey when we bought it? Nothing. A level 3 survey doesn't include this. Use an online company to give us a figure. Okay. £4.45m. WHAT??! But the property is only worth £1.32m ish??? Our only quote at this rebuild cost is £9k a year!! Most companies won't even entertain us.
So. You've probably been here before, or not, and are here now. Commiserations. My question is this: that rebuild cost is really rather high, and has been done by some 21 year old pimply graduate in a call centre who's never walked inside a georgian townhouse, let alone mine. So, who gives the best rebuild cost assessments? The most accurate ones? or the lowest ones??
Currently I have found insurance through a specialist broker who did a little calculation herself that came to £2.1m but we have to get a proper one done within 30 days. £2.1m is quite different to £4.45m. I found one specialist broker who was happy to insure me for a rebuild of £1.3m and he was sure that this was a large enough sum, and the underwriters didn't need a rebuild cost assessment done, but the premium was still £3,700 a year, but I know that's doesn't sound right...
It's a minefield, I know. Everyone who we've spoken to who pays £60 a month to direct line for their listed building might as well be throwing that in the bin, they're not insured, at all, but ignorance is bliss. Throwing £3.7k a year in the bin is harder to accept, and gives me NO piece of mind now.
Has anyone who has discovered the pitfalls of listed property rebuild cost assessments found any particular company that seems to give low assessments? I'm fairly sure they're all in the pockets of the insurance companies, and that this is all a big scam, but never the less... here we are.
Many thanks and commiserations in advance.