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Thatched cottages owners 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 thatched-roofed home soared by 56pc to almost £2,000, compared to the national average of £208, figures show.
Last year saw Britain battered by storms Agnes, Babet and Ciarán, spooking insurers into raising premiums and forcing several to stop insuring thatched homes altogether.
The average premium for a thatched roofed home was £1,985 in the last three months of 2023, compared to £1,272 the previous year. This was far higher than average premiums for roofs made of slate (£202) and tile (£190), according to data from Compare the Market.
There are roughly 60,000 thatched properties in Britain, of which 75pc are listed buildings, according to Savills the estate agent.
Thatched roofs are generally more prone to storm and weather damage. 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 thatching company 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 exited the market, pushing up demand for the remaining insurers and pushing up premiums. In May last year, Allianz closed its Home & Legacy brand, a leading insurance provider for expensive homes.
Steve Moores, director at Howden, an insurance broker said: “They were one of the few mid and high-net-worth insurers that could cover thatched homes.”
As a result, he 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, home insurance expert at Confused.com, another comparison site, said repair costs for thatched homes can also be far higher than for homes with slate or tiled roofs due to the increased cost of materials.
He added: “Challenges with inflation have meant that it’s costing insurers more than ever to make repairs or replacements. And they often need specialist attention, which could take longer to source.”
This is particularly true of listed buildings, which require approval from conservation officers, which can take months. 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 and high maintenance costs.
“The energy bills in a listed building are a lot higher because they can’t be insulated to the same standard as other buildings,” he added.
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