While historic buildings may draw a sharp intake of breath from non-specialist insurance brokers, there's a perfectly simple solution to protecting period property.
One of the crucial factors is the "reinstatement or rebuild value" of your historic property. If you buy a historic property for $800,000, how much should you insure it for? Standard insurance companies leave the calculation of the reinstatement costs to you; under-estimate and they penalize you by reducing your settlement. Not only do older properties often require authentic materials and specialist craftsmen for repairs after damage, but the work may take far longer to complete - so the insurer's allowance for temporary accommodation during the works needs to be more generous too. Click here for our blog 'What is reinstatement or rebuild value?'
Historic properties are works of art - we have a great responsibility to preserve and protect them for future generations. Yet many property owners, brokers and insurance companies are unaware of the complexities involved in insuring them properly.
So how can you ensure that your historic property is properly valued and protected? A standard “off-the-shelf” insurance policy may not be suitable - it's worth upgrading to a specialist policy that comes with the advice you'll need. As well as the extra peace of mind, this could save you money both on premiums and on claims settlement.
It's important to work with a historic property broker who will take time to assess your specific needs. And after a claim, you'll want sympathy and efficiency, not more headaches. La Playa's specialist policies provide coverage for “All Risks” including accidental damage, and we can advise on:
Download: La Playa Private Client Brochure
You can call us to talk more about your business on +1 646 665 7737
La Playa's Personal Risk Concierge service means advice you can trust - from an expert who understands you:
As an independent broker, we can advise on the best policies available - and on risk management measures including valuations, security, fire prevention and property marking - preserving the value of your property and giving you complete peace of mind. We have access to excellent terms with high net worth insurers including Chubb, Hiscox and Hartford.
What does “Boutique Service” actually mean?
La Playa’s Personal Risk Concierge means:
1. Careful listening to really understand your needs and priorities
2. As much help as you need with completing forms to provide risk information
3. A discreet and complimentary appraisal* of your property to assess the risks and ensure you have the right cover where you need it
4. An independent review of the market - so you don’t have to shop around comparing policies, cover limits, risks covered and smallprint exclusions
5. Careful monitoring of the insurers’ financial strength, claims and customer service
6. An independent recommendation of the best policy for you - and why
7. Specialist policy wordings from underwriters who have demonstrated excellence and deep understanding of your risk exposures. We have analyzed a wide range of policy wordings and have selected only the best for our panel. Our advisors have a deep working knowledge of these policies
8. An intelligently designed portfolio of protection across multiple asset classes and territories
9. Advice on how best to manage your risks - to keep you safe but also to keep insurance costs down
10. A dedicated advisor so you can speak to the same person each time.
11. Expert guidance on valuations, security and risk management, and connecting you with specialist advisers and suppliers
12. Direct phone and email access to your adviser for questions and advice. We aim to pick up calls within 3 rings and to respond to emails within 60 minutes
13. Policy documents emailed to you - no logins and passwords to remember
14. An advocate beside you if you make a claim - thinking laterally to mitigate the impact, making useful connections to get you back up and running, and driving through a swift financial settlement
No call centres
No ‘hold’ music
No hidden fees
*subject to availability with our insurer panel