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'Many ignorant' of listed property insurance requirements
04 February 2008
More than a third of people considering buying a listed property are not aware that extra insurance is needed.
A study by NFU Mutual, which insures homes in the countryside, found that 37 per cent do not know that more insurance is necessary for this type of home despite four in ten people wanting to buy one.
The study revealed that there were a number of different reasons why homebuyers would opt for a listed property, with character and charm being the most popular reason.
It also found that 62 per cent of Londoners and the same amount of people in the south would avoid a listed building because they are too difficult to maintain.
According to NFU Mutual, listed properties are particularly vulnerable to not having adequate buildings insurance because they are older and are specialist properties.
It recommends that homebuyers get a trained valuer to visit the house and assess the correct rebuilding value to ensure they are properly insured.
Laura Wood, spokesperson for NFU Mutual said: "No one should rely on printed tables when trying to place a rebuild value on their property as no two listed properties are the same, this uniqueness being the reason for their listing.
"It is a common misunderstanding that the rebuilding cost of a listed property has any correlation to its market value. On occasions the rebuild cost can in fact far exceed its market value."
