Period homes now cost 123% more a year to insure than contemporary properties
Proper news from Britain - News from Britain you won’t find anywhere else. Not the tosh the big media force-feed you every day!
Home insurance for period properties is now typically 123 per cent more expensive than for contemporary homes, exclusive data for This is Money shows.
The average home insurance premium for a period property is £547 per year, compared to £302 a year for homes built after the year 2000, Compare the Market said.
A homeowner with a property dating back to the Tudor period faces paying around £770 a year for home insurance.
Someone with a property dating back to the Stuart era from 1603 to 1714 can expect to pay £700 a year to insure their home, the research added.
Anyone with a Georgian property will usually pay around £551 a year for their annual home insurance, according to Compare the Market.
People with homes built between 1831 and 1836 can expect to pay £522 a year, while insurance for homes built before 1485 comes to £487, £397 for Edwardian homes, built between 1901 and 1910, and £395 for Victorian homes, built in the period from 1837 to 1901.
On average, home insurance for a period property costs £245 more than the average premium for one built after 2000, according to the findings.
Helen Phipps, a home insurance expert at Compare the Market, said: 'While period homes often possess great character and charm, our research underlines the importance for homeowners to be aware of the additional costs that can often accompany owning an older property.
'People living in a period home, or those considering purchasing one, should be aware of the potentially higher insurance premiums that typically come with owning an older property.'
Why is insuring period homes more expensive?
Government council tax statistics from 2024 revealed that only around 15 per cent of homes in England and Wales were built before 1919.
This percentage looks set to fall further as the Labour government continues with its plan to build 1.5million new homes by the end of parliament.
Historic England’s 2024 data showed there are over 370,000 listed dwellings in England.
The gulf between the cost of insuring a period home and one built after 2000 can be explained by a number of factors. However, put simply, insurers typically view period homes as being higher risk.
According to Compare the Market, contemporary properties are subject to more stringent safety standards, while older homes may have been built with electrical or plumbing systems that could now be outdated.
Thatched roofing or wood used to construct a period property is more flammable than newer materials. On top of that, period homes may also be more suspectable to problems like damp and subsidence.
Older homes are also usually more expensive to repair than newer properties, with original building materials often more difficult to track down.
Repairs on older properties also often need to be carried out by specialist tradespeople, some of whom may have lengthy waiting lists.
Do note that specialist home insurance is compulsory for listed buildings and if you are buying a Grade I-listed property.
Always shop around to get the best quote for your home insurance and carefully scrutinize all the terms and conditions so you know what will and will not be covered by the policy.
For specialist listed building cover, it may be a good idea to approach an insurance broker to get the best deal available. The cheapest cover may not always be the best option.
If you have already purchased a period home, in order to help keep your home insurance premiums down, keep on top of any maintenance that needs doing. This could encompass checking and treating any mould or damp and regularly clearing the guttering and drains.
The British Insurance Brokers' Association also recommends that homeowners with thatched properties keep roof inspections and electrical inspection certificates up to date.
Phipps, of Compare the Market, told This is Money: 'In some cases, a standard home insurance policy could provide the cover you need for a period home.
'It is important, however, to ensure you have accurately specified key characteristics when applying for cover, such as the materials used to build the property.
'Your home’s age could have a significant impact on your quote too, so it’s important to look at the paperwork you received when you bought the property or contact HM Land Registry if you’re unsure of when it was built.
'If you live in a listed building or a period property that would be expensive to rebuild, you may need to find a specialist policy. To find out if your property is listed, you can contact the relevant heritage body for your country.'
.jpg)
