The Fine Print on Listed Building Home Insurance

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Properties that are considered to be of great value are highly needed to be protected by the law. The Second World War’s German bombing caused too much damage on the lands that the British Parliament decided to create some laws that puts certain properties under their protection. These are the very foundations of the system and processes of listed building home insurance coverage.

As of the current listings, there are nearly half a million buildings throughout United Kingdom that have been granted this special recognition. Provided below are the three listed building types in which these properties are categorized to :

•          Grade 1. These are buildings that have garnered exceptional interest;

•          Grade 2. These are buildings that are considered prime examples of special interest;

•          Grade 3. Buildings with special iinterest;

All these buildings are covered depending on their classification to these grades. The law has specifically created this insurance to preserve the value of significant edifices in their country. The owner has the responsiblity and legal duty of maintaining and protecting the building once it is finally granted the recognition. Furthermore, any alteration, modification or demolition would require special dispensation from the government. The nature and special character of the edifice is very vital to be preserved in order for it to be be recognized and appreciated by future generations.

Below are the detailed provisions found in the listed building home insurance coverage:

•          Reinstatement Coverage. Included in the listed building home insurance coverage was the amount of money needed in restoring the building into its original pristine form. This includes exact replication costs in craftsmanship and materials for the property to be rebuilt;

•          Valuation Coverage. Indicates the amount or value of the building as determined by the expert evaluation of historical building professionals and experts;

•          High Net Worth Coverage. Value for buildings that cost more than £250,000 with contents that are more expensive than £75,000;

•          Alternative Accommodations Coverage. The value that indicates the expenses and costs gained whenever the property is renovated or repaired and is also the one used in helping its old occupants look for new places to stay  ;

•          Special Feature Coverage. This is the value included in the listed home building insurance coverage which covers special features such as Tudor staircases, exceptional woodwork and original art pieces that may not be included in other provisions of the coverage;

Based from these information, this special kind of insurance coverage called listed building home insurance coverage provides protection and value to an edifice recognized by the UK Secretary of State. Besides from getting benefits from the insurance coverage, a building that has been recognized to have historical value can also get benefits from the law and the public authority as well.