Your UK building of residence, when valued at £500,000 or more, is a high value edifice. Another factor that could add to its value is if it has architectural significance, or when it’s an acknowledged historic structure. Because preserving them is vital, owners of such prestigious property need to have high value buildings insurance. It would be wise to take note that the insurance coverage should be based on the property’s value, instead of how much it would cost when sold in the market. The rebuild costs of these buildings – which may have high value features like carved wood and period staircases – far exceeds their market value. High value building insurance must be customised to reflect the uniqueness of the property.
