High Value Buildings Insurance: Protecting Your Unique Property
Your UK building of residence, when valued at £500,000 or more, is certainly a high value edifice. Aside from market value, an edifice is also acknowledged as having high value if it has architectural significance or is a recognised historic structure. Such prestigious property must be cared for and protected, and hence its owners must have high value buildings insurance. It would be wise to remember that the insurance coverage should be based on the property’s value, rather than how much it would cost when sold in the market. The rebuild costs of these prestigious buildings – which may have high value features like carved wood and period staircases – greatly exceeds their market value. High value building insurance must be customised to reflect the uniqueness of the property.
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