×

SEARCH

News & Views

10 reasons why you should have Historic ...

27 June 2023

10 reasons why you should have Historic Restoration insurance

By Rachel Carter Account Handler

Share

Are you considering embarking on a historic restoration project? Preserving and restoring historic buildings is a labour of love and an essential contribution to our cultural heritage.

However, protecting yourself and your investment is crucial throughout the restoration process. That’s where historic restoration insurance comes in.

This specialised insurance coverage safeguards your project and provides peace of mind.

If you’re still on the fence about investing in historic restoration insurance, here are ten compelling reasons why it’s a wise decision.

1. Protection against unforeseen events

Historic restoration projects can be unpredictable, with various risks and challenges.

Historic restoration insurance protects against unforeseen events such as natural disasters, accidents, fires, vandalism, and other potential risks.

It ensures that you’re financially covered in case of damage or loss during the restoration process.

2. Coverage for historic building materials

Restoring historic buildings requires sourcing unique and rare materials, which can be costly.

Historic Restoration insurance can provide coverage for replacing or repairing historic building materials, including architectural features, vintage fixtures, and intricate details that contribute to the building’s historical significance.

When selecting historic restoration insurance, it’s crucial to understand the coverage limits.

Historic restoration projects often involve high costs due to the required specialised materials, craftsmanship, and historical authenticity.

Ensure that your policy provides sufficient coverage to account for potential expenses, including unforeseen circumstances and delays during restoration.

3. Liability coverage

During the restoration process, accidents can happen, and you may be held liable for any injuries or property damage that occur on-site.

Historic Restoration insurance includes liability coverage, protecting you from potential legal claims and ensuring you’re financially protected in case of accidents or injuries.

Historic restoration projects can be complex, involving multiple contractors, workers, and visitors on-site.

Liability coverage is essential to protect you from accidents, injuries, or property damage during restoration.

At Abode, we offer liability coverage explicitly tailored to historic restoration projects, providing you with the reassurance you need and protecting you from potential legal and financial risks.

Scaffolding lines the exterior of a multi-story building under renovation in an urban area.

4. Protection for historic features

Preserving and restoring historic features is the essence of a historic restoration project.

Historic restoration insurance offers tailored coverage to protect these unique features, such as original moldings, stained glass windows, ornate woodwork, and other architectural elements.

Insurance can help cover the costs of repair, restoration, or replacement in case of damage or loss.

Side-by-side images showing the before and after of a restored architectural cornice, highlighting detailed ornamentation and repairs.

5. Coverage for specialised contractors

Historic restoration projects often require the expertise of specialised contractors who understand the intricacies of working with historic materials and techniques.

Restoration insurance can provide coverage for these contractors, ensuring they’re protected and that the work is insured against potential risks or errors.

When planning a historic restoration project, consulting with preservation experts with experience in the field is beneficial.

We can provide valuable insights and guidance on the unique insurance requirements for historic restoration.

Abode Insurance works closely with preservation experts, connecting you with professionals who help assess the project’s historical significance, recommending appropriate insurance coverage.

6. Financial protection for delays

Restoration projects can face delays due to unforeseen circumstances, such as inclement weather, permit issues, or unexpected structural challenges.

Historic Restoration insurance can offer financial protection in case of project delays, covering additional costs incurred during the extended timeline.

7. Protection during transit

If you need to transport valuable historic materials or artefacts for restoration purposes, Historic Restoration insurance can provide coverage for the transit process.

This ensures your items are protected against damage, loss, or theft during transportation.

8. Coverage for off-site storage

In some cases, historic materials or artefacts may need to be temporarily stored off-site during the restoration.

Historic Restoration insurance covers these stored items, protecting them from potential damage, theft, or other risks while in storage.

Every insurance policy has exclusions, and it’s essential to understand what is not covered under your historic restoration insurance.

Certain types of damage, such as pre-existing conditions, wear and tear, or damage caused by inadequate maintenance, may be excluded.

Review the policy exclusions carefully and consider any additional coverage options necessary to protect your restoration project fully.

9. Peace of mind

Undertaking a historic restoration project can significantly invest time, money, and effort as well as a certain amount of anxiety and concern while any work is undertaken

Having Historic Restoration insurance offers peace of mind, knowing you have financial protection and support throughout the journey.

This essential cover allows you to focus on the project itself, knowing that you are adequately covered in case of any setbacks.

10. Preserving cultural heritage

By investing in Historic Restoration insurance, you contribute to the preservation of our cultural heritage.

You are playing a vital role in safeguarding historic buildings, ensuring that future generations can enjoy them.

Historic Restoration insurance allows you to confidently undertake these important restoration projects, knowing you are protecting and preserving our shared history.

Historic restoration projects can evolve with changes in scope, timelines, or budgets.

Reviewing and updating your Historic Restoration insurance coverage regularly is essential to ensure it aligns with the project’s current state.

I Abode offers flexible insurance policies that can be adjusted as your restoration project progresses, providing the necessary coverage at each process stage.

A grand interior with two chairs, a table with flowers, classical columns, a clock, and a large mural depicting historical figures.

In conclusion, Historic Restoration insurance is a wise investment for anyone involved in a project to recapture a building’s past while protecting its present state. project.

Before and after image of a building. Left: dilapidated structure with peeling paint. Right: restored facade with clean surfaces.

Why Abode?

Abode is proud to offer specialised coverage that addresses historic restoration’s unique risks and challenges.

You’ll get comprehensive protection for your project, covering everything from unforeseen events and liability to preserving historic features and specialised contractors
We provide a forensic level of understanding the intricacies of historic restoration and the importance of preserving our cultural heritage
Our team of experts tailor coverage to meet the specific needs of your project
Whether you’re restoring a historic home, a landmark building, or a heritage site, we have the knowledge and experience to provide the proper coverage
When you choose us, you can also access our extensive network of resources and support
We can connect you with reputable contractors, preservation specialists, and consultants who can assist you throughout restoration
We’re are committed to ensuring that your project is a success, and that the historical significance of the building is preserved for future generations

Our final piece of advice is to only embark on your historic restoration project with the proper insurance coverage. Protect your investment, your contractors, and the historical integrity of the building with historic restoration insurance.

Abode’s policies offer comprehensive coverage, personalised service, and a deep understanding of historic restoration’s unique challenges and risks.

Our team of experts is ready to assist you and provide the guidance you need to protect your historic restoration project.

Live with character. Insure with confidence.

Useful Links

Abode is a trading name of Howden UK Brokers Limited, which is authorised and regulated by the Financial Conduct Authority No. 307663. Registered in England and Wales under company registration number 02831010. Registered Office: One Creechurch Place, London, EC3A 5AF. Calls may be monitored and recorded for quality assurance purposes.