Beauty spots

Frances Hedges catches up with building surveyor Sebastian Pryke to find out about the unique requirements of historic houses

Listed properties are something of a special case when it comes to insurance. Both building and contents can be expensive to repair, which is why owners need to make sure they have the right insurance policy for their needs. Senior Risk and Valuation Advisor Sebastian Pryke is well placed to offer advice, having visited hundreds of properties on behalf of Hiscox over the past four years.

“My first love has always been historic houses,” says Sebastian, whose career has included roles as a historic buildings inspector and an auctioneer and furniture specialist. “The amazing thing about my job at Hiscox is that I get to contribute to the wellbeing of so many beautiful properties.”

Sebastian begins his visits by talking to the owners about their use of the property. “I’ll ask questions such as who lives in the property, whether it’s open to the public, where the water supplies are located and how it is heated,” explains Sebastian. “Then I’ll walk around the property with the client to identify key risks – from benign issues such as blocked gutters to theft and fire protection.” Good risk management can materially affect an insurer’s view of the risk quality, but property owners may not always be aware of what this entails.

“People usually recognise the importance of security but don’t apply the same degree of caution to fire protection, despite the fact that it can be fatal,” observes Sebastian. Even the costs of a less serious fire can mount up due to smoke and water damage; in one case, Sebastian visited a property whose contents were destroyed by smoke after a mirror started a fire, leading to settlement costs of about £350,000.

Sebastian also looks at how items of value are distributed throughout the property. If a large collection of fine art is concentrated into a single ground-floor room, for example, it will be particularly vulnerable to fire, burglary or flooding. Owners who have just inherited or moved in to a historic house may not be aware of its value.

“In one listed property, I found a room that was decorated with handprinted wallpaper worth about £500 a roll,” says Sebastian. “The owner had no idea that the cost of repapering the room could have been as much as £25,000.” Historic chimney pieces – a common feature of listed properties – are another example. These have a high market value because they are so rare; whereas a copy might cost only £50,000, an original piece can cost up to £250,000.

To avoid the risk of underinsurance, Sebastian recommends that owners have their property revalued every five years, or perhaps more frequently in the case of listed properties. “The reinstatement cost of a historic house increases disproportionately because repairs require premium replacement materials and skilled labour,” he explains – which is why owners need to be more vigilant than most about choosing an insuring policy.