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:
No call centres
No ‘hold’ music
No hidden fees
*subject to availability with our insurer panel