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Should the building you own be valued at £500,000 or more, then you own a high value edifice. Aside from market value, an edifice is also deemed of high value if it has architectural significance or is a recognised historic structure. Because preserving them is crucial, owners of such prestigious property must have high value buildings insurance. It would be wise to remember that the insurance coverage should be based on the property’s value, rather than how much it would cost when sold in the market. This is because rebuilding these historic buildings, particularly when it has features like period staircases, would cost a lot more than the entire building’s actual market value. High value building insurance must be customised to reflect the uniqueness of the property.