Should the building you live in be valued at £500,000 or more, then you live in 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. Such prestigious property should be preseverd and protected, and hence its owners must have high value buildings insurance. Bear in mind that the insurance coverage should be based on the property’s value rather than its market value. The cost of rebuilding or repairing these prestigious buildings would cost more than their market value. Therefore, it’s prudent to see to it that the high value building insurance show how special the property is.