Thatched cottage insurance goes through the roof after storms

‘Insurers will see your thatched roof as more of a risk with an increase in extreme weather events’ ‘Insurers are leaving the market because the value of claims was higher than their costs’

OWNERS of thatched cottages face surging insurance bills after a year of extreme wet weather pushed up the cost of cover to a record high.

The average premium for a roof made of straw or reeds soared by 56 per cent to £1,985 at the end of last year, compared to £208 for properties topped with slate or tiles, figures from the website Compare the Market show.

Last year Britain was battered by storms Agnes, Babet and Ciarán, spooking insurers into raising premiums and forcing s everal to stop insuring thatched homes altogether. There are about 60,000 thatched properties in Britain, of which 75 per cent are listed buildings, according to Savills.

Darryl Dhoffer, of broker group The Mortgage Expert, said even minor repairs to thatched roofs require skilled craftsmen and are limited in supply, commanding higher prices.

He added: “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.”

Liz Hunter, director of comparison site Money Expert, said premiums would continue to rise as a result of climate change. “Insurance providers will see your thatched roof as more of a risk as the number of extreme weather events increases,” she said.

Once a thatched roof catches fire it can be difficult to put out and will spread quickly. “This can cause a whole cottage to be engulfed in flames and looks pretty terrifying,” according to Midlands-based Heart of England Master Thatchers.

Andrew Raffle, secretary of the National Society of Master Thatchers said that while the risk of fire was low, the cost of repair “is quite high because of the great loss”.

A number of specialist insurers have also left the market, pushing up demand for the remaining deals and pushing up premiums. In May last year, Allianz closed its Home & Legacy brand, a leading insurance provider for mid and high net worth homes.

Steve Moores, director at Howden, an insurance broker said: “The general market for these larger properties has contracted. There is less money floating about in the sector. These insurers are leaving the market because the value of claims was higher than their costs.” Premiums are further pushed up by wood burners and chimneys, which are common in thatched homes and pose a fire risk, Mr Moores said.

Matthew Harwood of Confused.com said “challenges with inflation” have also pushed up the cost of repairs and rates charged by specialist thatchers.

The cost of housing displaced homeowners waiting for repairs further adds to insurers’ costs, pushing up premiums. Martin Anslow, director of Listed Building Owners Property Club, said homeowners were considering selling up in the face of soaring premiums.