Monday, July 15, 2024
HomePropertyPeriod homeowners can expect to pay 168% more for their home insurance

Period homeowners can expect to pay 168% more for their home insurance

Homeowners living in a period property can expect to pay 168 per cent more for their home insurance, new figures reveal.

The so-called ‘heritage premium’ for home insurance affects those living in homes built between 1485 and 2000, the exclusive data from Compare the Market shows. 

On average, the home insurance premium for a period home costs £166 a year, it claimed.

Homeowners pay an extra £247 a year if they live in a Tudor property, which are homes that were built between 1485 and 1603 Homeowners pay an extra £247 a year if they live in a Tudor property, which are homes that were built between 1485 and 1603

Homeowners pay an extra £247 a year if they live in a Tudor property, which are homes that were built between 1485 and 1603

Premiums can range from £247 for Tudor homes that were built between 1485 and 1603, to £111 for homes built between 1911 and 1999.

Older properties have the highest home insurance premiums, with Tudor-era houses being the most expensive to insure, at £247 per year.

Stuart-era homes built between 1603 and 1714 follow close behind at £210 a year, and Georgian homes built between 1714 and 1830 at £171 per year.

Contemporary homes built from 2000 onwards, cost on average £92 per year, the least to insure. 

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Period homes tend to be more expensive to insure as they are prone to significant wear and tear issues. 

Tudor homes, for example, can have issues due to the quality of pipes used in drainage systems – which can lead to costly water damage claims.

Neil Wood, of insurance services at SPF Private Clients, explained: ‘Older homes are likely to be regarded as more expensive to insure when compared to a house built within the past 20 years. 

‘Within an insurer’s premium, it is common that it would rate higher due to probable events that 100-year-old-plus properties generally suffer from, such as structural issues, old plumbing and electrics and wear ‘n’ tear to the roof.

‘Additionally, an older home could have specific features which are perhaps a little more complicated to reinstate and therefore more expensive. This is especially true if the property is listed. 

‘We always advise homeowners to arrange their insurance via a broker to ensure they get the right cover at the best price.’

Homeowners pay an extra £171 a year if they live in a Tudor property, which are homes built between 1714 and 1830 Homeowners pay an extra £171 a year if they live in a Tudor property, which are homes built between 1714 and 1830

Homeowners pay an extra £171 a year if they live in a Tudor property, which are homes built between 1714 and 1830

Separate research from the Office for National Statistics found that the age of a property is the most significant factor associated with energy efficiency, ahead of fuel and property type.

It said almost all homes built since 2021 in England and Wales have a high energy efficiency rating, compared with just 12 per cent of homes built before 1900 in England, and 8 per cent of homes built before 1900 in Wales.

However, none of the Compare the Market data took into account the cost of insuring a cladding-hit property.

Affected flat owners have been hit with soaring insurance costs to cover the additional fire risk associated with such buildings.

Contemporary homes built from 2000 onwards, cost on average £92 per year, according to Compare the Market Contemporary homes built from 2000 onwards, cost on average £92 per year, according to Compare the Market

Contemporary homes built from 2000 onwards, cost on average £92 per year, according to Compare the Market

Helen Phipps, of Compare the Market, said: ‘Our data highlights the important considerations that come with owning an older home.

‘Period homes built decades, or even centuries ago, often possess great charm. Our research underlines the need for homeowners to be aware of the added risks.

‘It’s important that homeowners living in a period home or those considering purchasing one, are aware of the higher insurance premiums that come with owning and preserving the building.’

To make sure you’re not overpaying for premiums, she advised asking a certified third party to evaluate your home for appropriate structural checks to confirm a reasonable insurance premium.

The data was collected by Compare the Market, with customers being quoted for building insurance costs between January 2018 and May 2013.

A total of 51 per cent of all customers were given a premium quote of between the cheapest of £92 for a modern home to £247 for a Tudor home.

Best mortgages Read more: Age of the property is the biggest single factor in energy efficiency of homes – Office for National Statistics

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