As London experiences a mass exodus of people moving out of the city in favour of country homes, we explore the benefits of moving to the countryside in parallel with how this might alter your home insurance requirements. When looking to compare what you might get price-wise when facilitating a big move such as this, it is important to consider how our work and home lives have changed throughout the last year. With many companies looking to continue a balance of home-working and office-working in the future, and with more time spent at home, having the space to accommodate this is a priority for many of us. For example, a quick property search demonstrates that currently a two-bed flat in Imperial Wharf, Fulham is on the market for £700,000, whereas for the slighter higher figure of £725,000 you can find a four-bed house with a garden and hot-tub in the Cotswolds. This begs the question: if you could work from anywhere, why wouldn’t you have a house with a garden rather than a flat with little to no outdoor space?
If this is a move you are looking to make, there are some key points to consider how this may impact on your home insurance needs, especially if you’re trading up in property size.
With is in mind, here are a few things to note when moving to a larger property:
- Many larger residences in the countryside are listed properties, and so it is important to be aware of the factors associated with buying a listed home. You may face challenges when finding insurance, meaning cover with a specialist insurer such as Ecclesiastical is essential. This is important to guarantee you are covered in line with the insurance requirements of the property. In the event of a loss, English Heritage will step in and legally require you to reinstate the building back to its original condition. This can be hugely expensive and if you don’t have the appropriate insurance, and could leave you largely out of pocket.
- Often, when people move out of London one of the first items on the agenda is to look at improving their property either structurally, decoratively, or both. It’s imperative to disclose this to your broker or insurer, as they will need this material information before building works start.
- Another factor of moving to a larger property pertains to its contents. With more space to play with, you may be likely to purchase new items. This is a great time to check your possessions are adequately insured. Taking a few hours, going room to room to work out what your belongings would cost to replace as new, will help you to realise the importance of this cover. Knowing your contents are properly protected reduces the financial impact to you in the event of a claim.
Additionally, now is as good a time as any to shop around and make sure you are still getting a competitive quote, as many companies offer better rates in the country than in London. If you are unsure of your home or contents insurance needs, speaking to a specialist broker can be helpful, as they will be able to help you ascertain what type of cover will be appropriate for you and your property.
Lastly, it’s worth considering the positive impact such a move may have on your overall wellbeing and work-life balance. The strain of balancing working from home with childcare and other home life requirements, whilst living in a limited space has proved to be difficult for many. If this type of move is in your remit, it’s definitely worth considering the pros and cons for you and your household respectively and deciding what you would benefit from the most. For some, the convenience of living and working in London will continue to make sense and for others who may only need to commute to London once a week post-lockdown, it may be beneficial to take residence somewhere more rural.
Photos courtesy of Samantha Scott-White at Cotswold Buying Agent Ltd and Christian Warman at Tedworth Property