UK households in a certain type of property face skyrocketing insurance costs – due to wet weather. Amid the ongoing Cost of Living crisis, insurance premiums to cover certain types of roof have been rocketing in recent months.
Historic thatched cottages are facing increases of 56 per cent to ensure their roofs, with a cost now around £2,000 compared to a national average of £208. The Telegraph reports the average insurance premium for a thatched roof in the last three months of 2023 was £1,985.
Worryingly, that is compared to £1,272 for the same period in 2022. There are around 60,000 thatched homes in the UK currently, figures show. And two thirds of these homes in the country are listed under conservation legislation.
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Darryl Dhoffer, of broker group The Mortgage Expert, told the Telegraph thatch is more prone to damage. Amid the ongoing winter months and poor weather, Mr Dhoffer said: “Location also plays a role, with higher lightning strike risks or prone to wildfires, all add to higher insurance premiums.
“Climate change and extreme weather conditions, certainly for 2023, could be a factor for higher insurance costs.” Brian Hanley, chief executive of the Alliance for Insurance Reform, has also spoken out over the findings today.
He told a committee looking into insurance premiums that “the situation thatch owners find themselves in did not occur in a vacuum and many of the issues they are experiencing resonate with other people and organisations, sharing common hardships such as unaffordable premiums and an absence of adequate underwriting cover.”
Martin Anslow, director of Listed Building Owners Property Club, told the Telegraph many homeowners were considering selling up in the face of soaring premiums and high maintenance costs. He said: “The energy bills in a listed building are a lot higher because they can’t be insulated to the same standard as other buildings.”
