Insuring a monument requires extra attention. In the event of damage, how do you ensure that these special properties are fully restored?
Monuments often consist of unusual materials. Think of roof structures, marble fireplaces or floors, stucco ceilings, stepped gables, panel doors and stained glass windows. These aspects make the properties unique as national, provincial or municipal monuments.
When damage occurs, the property is restored to its original condition as much as possible. The restoration costs of monumental properties are often considerably higher than the costs of normal residential properties.
Restoration must follow the specific guidelines of the Preservation of Monuments; that means using authentic building materials and being carried out by specialized craftsmen.
The rebuild value - the amount needed to rebuild the monument in the same condition and location - requires extra attention. The rebuild value of a monument is higher than that of a new home and more complex to calculate.
Different and cost-increasing factors are, for example, that monuments are often located in inner cities, on canals or in the old town. This is precisely where additional costs apply due to parking costs, poor accessibility and thus additional travel time for contractors.
It is important to have a rebuild value appraisal performed by a licensed appraiser to avoid underinsurance.
Another consideration is specific monumental aspects of the property that may be better not covered by the reconstruction value. Examples include ceiling, wall and wallpaper paintings, historic wood carvings, "whites" above the doors on canal houses, stained glass windows and built-in or incorporated sculptures and carvings. These elements often have an art historical value that cannot be expressed in rebuilding costs.
Exclusive elements may therefore be better co-insured separately in some situations at an agreed value between an art appraiser and the owner.
Brickbase Insurance has extensive knowledge and experience in insuring listed buildings. As a result, we offer the most comprehensive conditions appropriate to monumental properties combined with the most competitive premium.
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