Some General Info On High Value Buildings Insurance

September 2nd, 2010 Posted in Ski Holiday Insurance

Your UK building of residence, when valued at £500,000 or more, is a high value edifice. Other than its market value, an edifice is also deemed of high value if it has architectural significance or is a recognised historic structure. Because preserving them is vital, owners of such prestigious property need to have high value buildings insurance. Bear in mind that the insurance coverage must be based on the property’s value rather than its market value. The reason is this: rebuilding these historic buildings, especially when it has features like period staircases, would cost a lot more than the entire building’s market value. In this light, high value building insurance must be tailored to show the unique value of the property.