According to recent data from Compare the Market highlighted by Insurance Times, period homes incur insurance premiums that are, on average, 123% higher than those for properties built after 2000. In real terms, period homeowners pay approximately £547 per year, while owners of modern properties pay just £302 annually for similar coverage.
This disparity becomes even more pronounced when examining specific architectural periods:
- Tudor homes (1485-1603): approximately £770 per year
- Stuart period homes (1603-1714): around £700 per year
- Georgian properties (1714-1830): about £551 per year
- Victorian (1837-1901) and Edwardian (1901-1910): slightly lower at roughly £395 and £397 respectively
These figures highlight a significant financial consideration for anyone owning or considering purchasing a period property. Finding the right period home insurance requires specialist knowledge and expertise to ensure you’re not paying more than necessary while still maintaining appropriate coverage.
Why Period Homes Cost More to Insure
Understanding the factors behind these higher premiums helps explain why period home insurance comes at a premium:
Outdated Construction Methods: Many period properties were built using techniques and materials that don’t meet modern building standards, potentially increasing risk.
Specialised Repair Requirements: When damage occurs, period homes often require specialist craftspeople and authentic materials for repairs, significantly increasing costs.
Outdated Systems: Older electrical, plumbing, and heating systems can present higher risks of fire, water damage, or other hazards.
Listed Status Complications: For listed building insurance, additional regulations and restrictions can complicate and increase the cost of repairs.
Unique Architectural Features: Ornate plasterwork, original timber frames, and other period features are expensive to replicate or restore.
Helen Phipps, a home insurance expert quoted in the Insurance Times article, emphasizes: “It’s important for homeowners to compare policies and be aware of the extra costs associated with owning an older property.” This is where working with specialists like Bateman Group becomes invaluable.
Specialised Home Insurance for Period Properties
At Bateman Group, we’ve been providing period home insurance solutions since 1967. Our experience with historic properties gives us unique insights into the challenges period homeowners face. We understand that while the average home insurance cost UK-wide is around £302 for modern homes, period properties require a different approach.
Our tailored home insurance for period properties addresses these challenges through:
- Access to Specialist Insurers: As an independent broker, we have relationships with insurers who specialize in historic properties and can offer more competitive rates.
- Comprehensive Coverage Options: Our historic home insurance packages include protection for unique period features without excessive premiums.
- Risk Assessment Expertise: We identify genuine risks while avoiding unnecessary coverage, helping to keep premiums manageable.
- Listed Building Insurance Specialists: For protected structures, our listed building insurance options provide comprehensive coverage that meets all regulatory requirements.
How Bateman Group Helps Period Homeowners Save
Finding the best insurance for period homes balances comprehensive coverage with affordable premiums. At Bateman Group, we help clients navigate these challenges through:
- Personalised Risk Assessment: We’ll discuss your property with you to make sure you’re not over or under insuring.
- Specialist Market Access: We have relationships with insurers who understand period properties.
- Tailored Policy Creation: Rather than off-the-shelf solutions, we craft policies specifically for your property’s unique characteristics.
- Claims Advocacy: Should you need to make a claim, our dedicated team provides support throughout the process, ensuring fair and prompt settlement.
- Regular Policy Reviews: We continuously monitor your coverage to ensure it remains appropriate as both your property and the insurance market evolve.
Taking the Next Step with Your Period Property Insurance
If you own a period property or are considering purchasing one, understanding the insurance implications is essential. While the statistics show that period home insurance typically costs more than double that of modern properties, working with specialists can help mitigate these costs while ensuring appropriate protection.
At Bateman Group, we’re committed to finding the right balance between comprehensive coverage and affordable premiums for your historic home. Our independent status allows us to search the market for the most suitable policies, while our expertise ensures we understand the unique aspects of your property.
Contact Bateman Group today to discuss your period home insurance needs and discover how our tailored approach can help protect your heritage property without unnecessary expense. With over five decades of experience, we’re here to guide you through the complexities of insuring your period home.
