Navigating listed property insurance when your broker or insurer doesn’t offer renewal terms

By Julie Talbot Insurance Advisor

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Owning a listed property, whether it’s Grade I, II*, or II, comes with its unique set of challenges and responsibilities. One of the critical aspects is ensuring that your property is adequately insured. However, what happens when your current insurer or broker doesn’t offer renewal terms? Here are some steps you can take to navigate this situation.

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1. Understand the reasons for non-renewal

Before taking any action, it’s essential to understand why your broker or insurer isn’t offering renewal terms. Common reasons might include:

Changes in underwriting criteria: The insurer may have changed their stance around the level of risk they are happy to take on, meaning your property no longer eligible. Some common areas where risk appetite changes include property type (including the listed grade), a high sums insured or the geographical location of the property.
Claims history: A high number of claims or a significant claim might make your property a higher risk. This may not relate to your own claims history but decided on the basis of claims across properties with similar characteristics.
Market conditions: Shifts in the insurance market can affect the availability of certain types of cover.
Run-off decisions: Sometimes, brokers decide to put certain books of business into run-off, meaning they have chosen to no longer insure that type of risk.

2. Review your current policy

Take a close look at your existing policy to understand the cover details, exclusions, and any special conditions related to your listed property. This will help you know what to look for in your new policy and ensure you don’t lose any critical cover.

3. Check for heritage organisation recommendations

Organisations like Historic England or the National Trust often have recommendations for insurers who specialise in listed properties. They might also offer advice on maintaining your property.

4. Seek specialist insurance brokers

Look for brokers who specialise in listed property insurance. Listed properties often require specialist insurance due to their unique characteristics and higher restoration costs. Specialist brokers have both expertise and connections with insurers who understand the specific needs of listed buildings.

5. Get multiple quotes

Don’t settle for the first quote you receive, try to get a range of quotes. A good broker can do this for you and talk you through the various cover options.

6. Consider a survey

Some insurers might require a survey of your property before offering cover. Even if it’s not required, having a recent survey can provide potential insurers with up-to-date information about the condition of your property, which can help you secure terms.

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7. Evaluate policy terms carefully

When you receive quotes, evaluate the policy terms carefully. Pay attention to:

Cover limits: Ensure the cover limits are sufficient to cover the full restoration cost of your property.
Exclusions: Be aware of any exclusions that might affect your cover.
Policy endorsements or stipulations: Policies may have stipulations you need to adhere to keep the policy valid. An example of this could be a home intruder alarm.

Again, a specialist broker can help you here.

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Managing your listed home insurance policy

Once you’ve successfully secured an alternative home insurance policy it’s important to read your policy documents, checking for any conditions or stipulations you will need to comply with.

Familiarise yourself with your insurer or brokers’ contact details as well as what to do should you need to make a claim.

We’d also recommend that you review your policy making sure your sums insured remain correct. For example, a recent upgrade or renovation may mean that you need to increase your building sum insured.

Expert Advice

Navigating the complexities of listed property insurance can be challenging, but with the right approach and resources, you can ensure your historic property remains well-protected. At Abode, we are always happy to help. Whether you need comprehensive cover or just some friendly advice, don’t hesitate to reach out to us. You can find more information on our listed home insurance page.

If you find yourself without renewal terms and would like help finding a suitable policy for your listed property, please contact us on 01622 476 433. By using our extensive market knowledge, leverage, and relationships we can negotiate with insurers to get you an insurance policy which gives your listed property the cover it needs.