Stamford is a beautiful place to live and was actually the first Conservation area to be designated in England and Wales in 1967. It is iconic for its great variety of elegant country houses built of sandstone walls with Collyweston slate roofs, not to mention the independent boutique lined high streets. Whilst the properties are gorgeous, it can cause a bit of distress when you find out that your chosen home isn’t covered by regular home insurance. To save you some time and stress we’ve had a look into this for you and have created a quick guide to help you figure it out.
What Exactly is Non-Standard Home Insurance?
The majority of homes in the UK are unlisted, owner occupied, brick or stone-built properties with no serious adverse risk factors such as flooding or subsidence. As such most of the market leading insurers focus purely on accommodating the masses but neglect the slightly quirkier, unique risks by enforcing a strict box ticking criteria of which they can never conform. Non-standard insurance is designed to offer a bespoke policy tailored to the individual policyholders’ requirements. In exact contrast to standard insurers’ box ticking criteria’s, a non-standard insurer is very interested in the finer details and want to understand the full story.
Examples of non-standard home insurance are:
- Properties of non-standard construction i.e. prefabs, plastic, corrugated iron, timber, cob, wattle or daub etc.
- Homes used as B&B’s, Airbnb’s or let to lodgers
- Properties used for Business
- Holiday/Second homes
- High flood risk areas
- History of subsidence
- Unoccupied or extended occupancy
- Building work/renovations
- Policyholders with previous unspent criminal convictions, CCJ’s or IVA’s
The term ‘non-standard’ makes it sounds as though it’s a rarity across the country but it’s actually not. As the housing market and technologies develop, the demand for tailored policies is increasing year on year. Every insurance provider will class properties differently, that’s why you should come to us and we’ll make it easy as pie for you to understand.
Are There Any Difficulties You Might Face When Making or Buying a Unique Property?
When investing in any property you need to know the risks associated with it. Whether you find out that you need to carry out regular varnishing of wood work or maintaining concrete structures; you may find that it can discourage you or your mortgage lender. Why? Because a fresh coat of paint could be hiding a damp space in the wall, someone could have filled some plaster in badly or the plumbing doesn’t work properly. Half-a-job maintenance can make a small hole in your wallet a bottomless pit and this in turn makes it hard for mortgage lenders to recoup their losses.
The Rise of the Non-Standard Home…
During the Second World War many prefabricated concrete homes were built for families who suffered during the Blitz. Despite only expected to last 10 years, 1.5 million of those are still standing tall today.
With the doom and gloom of the climate change crisis looming over everyone’s heads more people are opting for an eco-home constructed of pioneering building materials. If you are taking the plunge into the world of non-standard property investment you will need to make sure you keep hold of all the safety related certificates as these will help your insurance policy along. Examples of these documents would be electrical, gas check certificates and flame retardant spraying of thatched roofs documents. Make sure the person who does the check gives you a certificate.
Are Non-Standard Properties More Expensive to Insure?
Many standard insurers now offer a blanket £1,000,000 building sum insured for all their policies whereas non-standard insurers set their premiums in line with the true reinstatement cost of the property. As such the premium may actually be a lot less than you think. If you have the delight of owning a historical or eco property it is very important to take into consideration that it may cost a lot more to repair and replace some items and features should an accident occur. We always recommend seeking professional advice when calculating a properties rebuilding cost.
Why Should You Get Your Non-Standard Insurance from Coversure Stamford?
We have a wealth of experience in non-standard household and high net worth clientele. As such we are privileged to hold exclusive binding authority with an A rated insurer allowing us to quote each individual risk on its own merits. When insurers are navigating unfamiliar territory within the world of insurance, they often either charge way too much or refuse to offer quotes in order to protect themselves. Our underwriting knowledge and many years’ experience in this area allows us to offer tailored policies at a very competitive price.