7 things to consider when insuring your thatched property
Think thatched property and you think quaint cottages in chocolate-box villages.
You’re unlikely to think of insurance, unless you own one of these picture-perfect slices of British architectural history. As a thatched property owner, you can’t help but be aware of your insurance requirements. You have an obligation to protect your home for future generations as well as for your family.
Making sure you have the right policy with the right levels of protection at the right price can feel like an onerous task that you’d rather avoid, so we’ve put together some key points to help guide the search for your next policy.
How much experience does your insurance broker have?
It might not be your first thought. It might not even be your second. But we recommend choosing a broker with experience arranging insurance for thatched properties.
They’ll take the time to understand your property and recommend an appropriate policy, so you have adequate protection in the event that something goes wrong.
John Albion is a name that has been synonymous with Thatched Property Insurance for more than 30 years. We’ve worked with homeowners up and down the UK, helping to protect their homes against a wide range of risks. Our experienced team will take the time to advise on the right cover and ways to reduce your exposure to risk.
Do you have the right level of cover?
One of the biggest risks when arranging a policy is underinsurance. The consequences can be devastating when it applies to your home.
If you don’t have enough insurance, your claim may not provide enough funds to repair or rebuild your property. That’s because your insurer will only pay out up to your estimated rebuild value and no more.
For instance, if you have insurance with a rebuild value (the estimated cost to rebuild your home) of £300,000, but it actually costs £400,000 to rebuild your thatched property, you’ll have a shortfall of £100,000, which you will have to make up out of your own pocket.
That’s why it’s important to regularly review your rebuild value. The cost of building materials, labour and tax changes over time, so your estimated rebuild value will need to change to reflect any increases.
Your insurance broker can point you in the direction of tools to help you calculate your home’s rebuild value.
Are your contents covered?
While the phrase ‘Thatched Property Insurance’ might make you think of bricks and mortar, it’s important to protect your possessions within the property too.
You’ll want to be certain that your personal items are protected against theft or destruction so they can be repaired or replaced.
Be sure to discuss this with your broker, mentioning individual high-value items, such as jewellery or technology, which you might remove from the property.
Does your thatched property policy cover accidental damage?
Not all policies include accidental damage but it’s a vital consideration.
While accidents are rare, they do happen. For instance, having a policy that will replace a carpet if paint is accidentally spilled on it and it cannot be cleaned – or a window that’s smashed by a football – gives you vital peace of mind.
How much does it cost?
While we won’t teach you to suck eggs, cost is bound to be a deciding factor when buying insurance. After all, thatched property insurance is likely to be more expensive than a standard home insurance policy, so you’ll want to get a good deal.
But, instead of choosing the cheapest option, take time to consider whether the policy provides value for money.
A cheap premium might have a lesser impact on your pocket, but if it doesn’t provide a suitable level of cover, it might be a false economy if you come to make a claim.
What about claims support?
If your insurance broker has a Claims department, they will guide you through the process if something goes wrong. They’ll work with both you and the insurer to gather all the information needed and ensure a fair settlement. It can be an invaluable service at a distressing time for you and your family.
Talk to us about Thatched Property Insurance
If you’d like to discuss your thatch insurance requirements, don’t hesitate to give us a call on 01603 760511. Our experienced team can answer all your questions and ensure you have complete peace of mind.
Q&A with Phil Warren, Mersey Medical Services
Join us as we speak to Phil Warren of Mersey Medical Services about event medical services, saving lives and laid-up ambulances.
TMO Case Study: Clarence Way
Peter Morgan is a softly spoken man with a gentle Irish lilt and an easy laugh. It’s easy to see why residents find him so approachable.