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NimbleFins Guide to Home Insurance for a Thatched Roof Property
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If your home has a thatched roof, you’ll need home insurance to reflect that. Similarly, if you live in a listed building or your property is made of something other than bricks and mortar, you’ll need a policy that covers its unique nature. Here’s what that means and why it’s vital to make sure your insurance takes into account your home’s distinctive features.
What insurance do I need if my home has a thatched roof?
If you live in a house with a thatched roof, you’ll need non-standard buildings insurance. This applies to any home of non-standard construction.
In other words, if your home isn’t completely made of brick or stone and doesn’t have a tiled or slate roof, then there’s a good chance you’ll need non-standard home insurance.
What is a non-standard home?
Broadly speaking, non-standard homes include buildings constructed from non-standard materials, for example:
- Houses with thatched roofs
- Timber built homes
- Buildings made from wattle and daub
- Prefabricated (prefab)homes
Insurers sometimes use the term non-standard home to include properties built in flood-risk areas. Don’t forget that many prefab homes will have a brick veneer so although they might look like they’re made of standard materials, they’re really not and will need a specialist policy.
Why do non-standard homes need specialist cover?
By their very nature, non-standard homes are built using very specific materials or are constructed in an unusual way. This can mean non-standard homes are expensive to repair and may need specialist labour. These particular needs will be reflected in a specialist buildings insurance policy and ultimately, your premium.
What does non-standard home insurance cover?
Buildings insurance for non-standard homes covers the same sort of events as standard policies, so you’ll be covered for risks including:
- Fire and flood
- Theft (attempted theft) and vandalism
- Storm damage, for example from fallen trees
- Subsidence
You’ll also be able to combine other insurance products with your non-standard buildings insurance, for example:
- Contents insurance for your belongings
- Accidental damage insurance
- Legal expenses insurance if you need to go to court
- Personal possessions insurance for any belongings you take with you when you leave the house
How much home insurance do I need?
Buildings insurance specifically covers the structure of your home, including permanent fixtures and fittings. The amount you need (the sum insured) should be enough to cover the cost of rebuilding your home if it were completely destroyed. As extreme as that sounds, flood and fire can cause devastating damage which will need thousands of pounds worth of labour and materials to put right.
How do I work out the rebuild value of my home?
One of the trickier aspects of choosing a rebuild value is pitching it just right. If it’s too high, you’ll end up paying a higher premium. If you underinsure your property, you won’t get enough to cover your costs.
In the worst-case scenario, underinsuring your home also means your insurer can reduce any payment you do get by the amount you’re underinsured by. This is known as the ‘average clause’ or ‘condition of average’. So, if (for example) you were underinsured by 30%, the insurer can lower their payout by 30% too.
For standard built homes, working out the rebuild value is relatively simple. Most insurers either work to a generic formula which will cover your needs, or you can use the free rebuild calculator from RICS and the Association of British Insurers.
For non-standard homes, it’s generally advised that you have your home professionally valued by a surveyor. They’ll be able to give you a far more accurate rebuild cost – but don’t forget to include any inflationary costs when it comes to renewal.
How much does non-standard home insurance cost?
Like most other insurance policies, home insurance for non-standard properties are determined by a whole host of factors, including:
- Where your house is – properties in areas with higher-than-average crime levels will cost more to insure compared to houses that aren’t.
- The age of your home – as a rule, the older or more unique your home, the more you can expect to pay as their needs are likely to be very specific.
- The size of your home – larger properties cost more to insure as they will generally cost more to repair or rebuild.
- How many outbuildings there are – your home insurance also extends to include sheds and other outbuildings so the more there are, the higher your premium.
- Rebuild value – the more expensive your home is to rebuild, the more you’ll pay.
Search for home insurance for peace of mind
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