Fine House & Country Home Insurance
Listed buildings in Leicester
Where do you insure a £2 million listed building with a £150,000 of contents?
This is a recent question we received from one of our new clients. There are a great number of products and direct insurers who offer a telephone based service, however our clients want more and this is how we solved their problem.
When we discussed the risk we could understand the client had a need to have the property valued for rebuilding purposes to make sure their listed building had adequate insurance. They also asked for advice on the existing security and how to make their property less vulnerable to break in.
Would you trust an anonymous web site or a call centre to arrange your listed house, prize possessions and treasured heir looms?
Cornerstone has access to Oak’s Appraisal & Valuation Service value giving our clients a professional valuation service for properties over £1 Million.
OAK’S APPRAISAL AND VALUATION SERVICE
Underinsurance within the High Net Worth market is an issue that just doesn’t want to go away.
There have been many studies and surveys in recent years regarding this subject and all have shown that many clients are unsure of the rebuilding costs for their home and the value of their personal possessions.
How many people are aware, for instance, that a stone-built property can cost up to 50% more to rebuild than a brick-built property? Or that listed buildings are required to maintain their character which can mean huge expense because repairs require the use of rare materials and highly skilled craftsmen?
There are plenty of other reasons for underinsurance, such as:
• Supply and demand – items move in and out of fashion: as demand increases so can prices.
• Accrual – we build up our possessions and collections over time.
• Advancement – technology improves rapidly and we all like to replace items with something better.
• Lifestyle – CD/DVD and book collections, 3DHD TVs and home theatre systems, sporting equipment (including golf clubs) and works of art.
• Families – whether it is the arrival of younger or older members, they all come with an array of possessions, including furniture, clothing, toys and equipment.
• Economic climate – in times of instability, investors place their money where values will remain solid hence one of the reasons why the price of gold can increase dramatically.
• Out of sight, out of mind – what’s in your kitchen cupboards and your wardrobes?
APPRAISAL SERVICE
Many clients are, perhaps unsurprisingly, hesitant to spend more on their household insurance than is absolutely necessary. This includes the small additional cost of finding a true High Net Worth insurance product. Therefore, a service that can provide an accurate rebuilding cost, assistance with sums insured for contents and valuables and recommendations for risk management is why they call Cornerstone.
Our partner service is administered by our partners at Oak and their appraisal panel provides the following:
• An accurate estimate of the cost of rebuilding the client’s home (including properties that are listed or have unusual design features or materials).
• Guaranteed rebuilding cost (excluding Grade I, II* and A properties) as an extension to the policy cover.
• Guidance on ensuring that the sums insured are adequate for contents, fine art, antiques, jewellery and all of your client’s possessions.
• Fire, security and general risk management advice.
• A detailed appraisal report with copies provided for both you and your client.
VALUATIONS
As well as the appraisal service we recommend that client’s obtain a valuation of their contents, fine art, antiques, jewellery and watches to ensure items are accurately insured in case of a claim.
A valuer, for a charge to the client, will provide a single or fully comprehensive inventory of their possessions with a detailed description and value. As an Oak policyholder, our client may choose to add the cost of the valuation fee to their insurance premium and pay for both using our interest-free monthly payments scheme