Various Types of Home Insurance – Where do You Fit In? – Part II
As I mentioned in my last article, there are more special types of houses and situations which you should consider while buying home insurance in order to check whether you fit in one of them. Here they are.
Listed Buildings Insurance
If you are fortunate to live in a house that has a special national importance, chances are your house has been classified either as Grade I, Grade II* or Grade II depending on the cultural and historic significance and importance of the house.
Although living in such a house is a thing to be proud of, such listed buildings have restrictions that could make their repair more expensive. But this doesn’t mean that you can’t make any changes in your house – it’s only more challenging and time-consuming.
In such a condition, a listed buildings insurance policy considers this and thus you can get the correct amount of cover.
High-value Home Insurance
paulbr75 (CC0), Pixabay
Just like regular policies, high-value policies are divided into two kinds – buildings and contents.
In general, high-value buildings are the ones that cost more than £500,000 to reconstruct. However, this may differ depending on the insurer.
High-value contents are items such as antiques, works of fine art as well as jewellery.
Regular contents policies often have a single-item value limit; hence if a precious painting is stolen, you may not be able to claim for the full amount. On the other hand, a high-value home insurance policy gives a chance to this added value, thus offering you an additional layer of protection.
So, your house is interesting. Probably you’ve constructed it on your own from scratch or you’ve made it from timber frames and a thatched roof for that rustic air. Or you have used daub and wattle to create its walls in medieval style.
Although such things add a dash of class and character to your house, many prestigious insurers may be reluctant about this type of house since it’s too risky.
It’s because a thatched roof or timber frame are at higher risk of catching fire.
You might be proud of your outstanding house, but for an insurer, it might be under a high risk of collapsing or requiring a significant repair.
In such a condition, it’s better to find specialist insurers that particularly deal with non-standard homes.
You are fortunate enough to have a second home; so, you can escape from the usual hectic life. But holiday homes are not usually covered in the same manner as your usual home since they are normally left empty for longer durations. This adds to the risk of burglary.
If you are looking for insurance of your holiday home, it’s better to accept that it’s not your main home; otherwise any claims you make in the future might be void.
We hope that you’ve got guidelines about home insurance if you are an owner of a special home. Best of luck!