Moving to a unique home?
If you're thinking of moving to a unique property, your home insurance could be affected.
If you’ve started looking at new homes, make sure you’re not looking through rose-tinted glasses when it comes to insurance.
Buildings are listed because they have special historic or architectural interest. This usually means they are older and have been built using techniques and materials that are not the norm today.
The cost to re-build or repair is invariably more, as greater time and specialist tradesmen are usually needed, and the work is subject to tighter rules and regulations.
Your buildings insurance isn’t based on the value of your home but the cost of rebuilding it so the cost of insuring a listed building can be higher. It’s worth talking to your insurer before you fully commit.
A pitched tiled roof has a lifespan of 100 years, whereas a flat roof, depending on the materials used, can have a lifespan of 20* years.
This can make a flat roof more susceptible to water damage, which can affect both structure and contents. It’s a good idea to find out about the age of the roof and how well it’s been maintained, regular maintenance is important as wear and tear won’t be covered by your policy.
* Source: quotelinedirectblog.co.uk
Houses made entirely of wood, such as eco houses or lodges, are much more common nowadays. But they are still seen as non-standard construction if bricks and blocks are not used to form walls.
Having a greater amount of wood in the construction can mean the property is at greater risk in the event of a fire and this can make them more expensive to insure.
Check the Homebuyer’s Report for more information on the property’s construction and ask your insurer for advice.
A thatched roof is obviously a non-standard construction which means it’s likely to cost more to rebuild than a standard home.
It is also at greater risk of fire damage and these factors combined mean your buildings and contents cover are likely to be higher than a standard property.
For advice, talk to your insurer, you may find you need specialist insurance cover.
Important legal information
Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS).
Calls may be monitored or recorded to help us improve our quality of service.