Home Insurance for Period Homes

Whether your home dates back to the era of Queen Victoria with high ceilings and Gothic influences, the Edwardian era with floral patterns and light pastels or even the Georgian era with symmetry throughout and intricate moldings; finding the right home insurance for a period home can be a strenuous task.

Generally period properties have high values and this can make them more difficult to insure. Many of them would need to be restored to their previous standards should they suffer extensive damage through a fire or severe storm - and this costs insurers money. The added risk is reflected through higher premiums and many insurers will not offer coverage for period properties at all.

There is some good news however, as a number of specialist home insurers have emerged that offer policies specifically designed for these high-risk properties and their contents. So how can you find the right level of cover?

What to look for when insuring a period home

There are many policy features to look out for when insuring a period home. Before you start to search however, check to see whether the home is listed - if it is, then it will need to be restored to its original condition should damage occur. Failure to do so could even lead to prosecution.

Home insurance therefore takes on added significance as attempting to cover these costs on your own may prove unmanageable. So look for an insurer that will cover the fabric of the building ensuring that repairs are carried out by specialists who use the correct tools and the correct materials so as not to affect the value of the property. Remember that many homes require specialist materials such as unique stonework that is rarely covered by conventional insurers. With repair work you should also check that the policy covers administration costs so you don’t have to arrange for repairs yourself.

In addition, check to see which risks are and are not covered. For example, if you live in a home with a Thatched roof, will you be covered if a fire takes place? Thatched roofs are vulnerable to burns - and any fire is likely to wipe out the entire roof of the building. Though most specialist home insurance companies do offer Thatched roof cover they may insist that you protect the property with lightning conductors.

Make sure you have coverage for burst pipes, which can be particularly prevalent during winter time. This takes on added significance when insuring a period property as you will need ‘trace and access’ cover - this is in case a plumber needs to break something in order to gain access to the pipes, such as a large piece of slate.

Pay close attention to the contents coverage available too as it is easy to under-insure and this could invalidate a claim. Make sure that the sum insured is high enough to cover all the items in your property and that you will receive like for like replacements in case something is damaged. Also check the coverage limit for each item - you may need to cover antiques or works of art separately if they have high values.

Are there any catches with period home insurance?

Two of the key policy elements with home insurance coverage are cover beyond the sum insured and ensuring there are no penalties for under-insurance.

Coverage beyond the sum insured will generally cover 125 per cent of a property’s value giving you a safety net in case you miscalculate its worth. Watch out for under-insurance penalties too - it’s easy to get the value of your contents wrong but this could invalidate a policy or lead to a heavy penalty.

How can you save on period home insurance?

You may think that if you have an expensive period home you’re stuck with an expensive home insurance policy. However, that doesn’t have to be the case.

You can keep your home insurance premiums manageable if you install security devices in your home. Protecting contents against theft is vital so invest in burglar alarms, time-switch lights, five-lever mortise locks and other security features. Also fit smoke alarms throughout the house so you can be quickly informed if a fire takes place. If you can, quit smoking too - most insurers reduce their premiums for non-smokers due to the decreased fire risk.

Remember to compare home insurance online before you buy. Don’t just accept one quote from one insurer and assume the deal is competitive - compare as many policies as possible to find cheap home insurance.