Warning on listed property

Feb 21 2008 by Sam Wood, The Journal

OWNERS of listed properties in rural areas are being warned to make sure they have specialist insurance for their homes following a survey which showed many people did not know they would need extra cover.

The survey, conducted by rural insurer NFU Mutual, found that although four in 10 people would consider buying a listed property, 37% did not know that they would need extra insurance.

NFU Mutual warns that the age and special construction techniques used on many rural listed properties means that extra insurance is required to cover the higher costs of repairs in the event of a claim.

Spokesman Tim Price said: “No one should rely on printed tables when trying to place a rebuild value on a listed property as no two are the same, their uniqueness being the reason for their listing.

“It is a common misunderstanding that the rebuilding cost of a listed property has any correlation to its market value. On occasions the rebuild cost can far exceed its market value. Per square metre, rebuild costs can sometimes be four times greater than an average modern property.

“Care should always be taken when choosing insurance for listed buildings.

It is not a one-size fits all approach and owners of listed properties are urged to seek specialist advice and regularly review their insurance arrangements.”

The survey revealed a wide range of attitudes to the desirability of owning a listed home. Status is paramount for some, with a fifth of 25 to 34-year-olds saying they would like the kudos of owning a listed property.