If your home or building is valued at £500,000 or more, for insurance purposes it is considered a "high value" edifice.
If you own such a prestigious property, chances are you'll want to have superior insurance coverage.
Here's some information from our experts about high value buildings insurance for interested UK residents.
What Constitutes a High Value Building? Beyond just its market value or replacement cost, a building is considered to be high value if it meets building insurance conditions such as having architectural significance or being listed on the nationwide register of historic structures.
Coverage to Look for in High Value Building Insurance: The rebuild cost of these unique types of properties under high value house insurance far exceeds their market value.
It's also important to know that the coverage for such buildings is usually offered on a "value for" basis rather than a "new for old" basis.
Regardless of what the particulars might be, it's essential that high value building insurances be customized to reflect the totality and uniqueness of the property.
Here's just a partial list of circumstances under which such coverage should apply: * The building becomes uninhabited or unusable due to covered events such as storms, lightning, earthquake, fire, smoke or flood.
* Malicious or accidental damage.
* Civil disturbances or riots.
* Oil or water damage resulting from a faulty heating plant.
* Damage resulting from ground-based events like landslides.
Other Features of High Value Buildings Insurances: In addition, buildings may also be listed if they are considered important or exceptional examples of classical architectural styles.
Furthermore, these buildings typically contain high value features such as carved woodwork, period staircases or period fireplaces.
The cost to replace or rebuild these features must be taken into consideration when obtaining coverage for a high value building.
It's especially important to remember the distinction between the costs of rebuilding the property versus its market value.
The market value is generally lower than the rebuilding cost.
One Final Insurance Recommendation: Owners of high value properties are advised to obtain buildings contents insurance such as collection insurance, art insurance or antiques insurance.
Along with high value building insurance, these sub-insurances will comprise a total protection portfolio for owners.
If you own such a prestigious property, chances are you'll want to have superior insurance coverage.
Here's some information from our experts about high value buildings insurance for interested UK residents.
What Constitutes a High Value Building? Beyond just its market value or replacement cost, a building is considered to be high value if it meets building insurance conditions such as having architectural significance or being listed on the nationwide register of historic structures.
Coverage to Look for in High Value Building Insurance: The rebuild cost of these unique types of properties under high value house insurance far exceeds their market value.
It's also important to know that the coverage for such buildings is usually offered on a "value for" basis rather than a "new for old" basis.
Regardless of what the particulars might be, it's essential that high value building insurances be customized to reflect the totality and uniqueness of the property.
Here's just a partial list of circumstances under which such coverage should apply: * The building becomes uninhabited or unusable due to covered events such as storms, lightning, earthquake, fire, smoke or flood.
* Malicious or accidental damage.
* Civil disturbances or riots.
* Oil or water damage resulting from a faulty heating plant.
* Damage resulting from ground-based events like landslides.
Other Features of High Value Buildings Insurances: In addition, buildings may also be listed if they are considered important or exceptional examples of classical architectural styles.
Furthermore, these buildings typically contain high value features such as carved woodwork, period staircases or period fireplaces.
The cost to replace or rebuild these features must be taken into consideration when obtaining coverage for a high value building.
It's especially important to remember the distinction between the costs of rebuilding the property versus its market value.
The market value is generally lower than the rebuilding cost.
One Final Insurance Recommendation: Owners of high value properties are advised to obtain buildings contents insurance such as collection insurance, art insurance or antiques insurance.
Along with high value building insurance, these sub-insurances will comprise a total protection portfolio for owners.
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