Antique and Historic Homeowners Insurance FAQ
Homeowners insurance is essential for any homeowner to rest easily and comfortably, knowing that their investment is safe from most harm. However, some homeowners need a little more insurance than others. The history and value that an antique home represents must be protected with a more intensive and comprehensive homeowners insurance policy than a regular home. With the higher costs and different terms, however, many policy holders will have a few questions concerning what homeowners insurance covers and how damages are reimbursed. The following is a brief FAQ intended to bring anyone looking for historic or antique homeowners insurance up to speed.
What makes a home historic or antique in the insurer's eyes?
The most standard practice for discerning the scope of coverage and premium is having a specialized risk assessor visit the home. Typically, homes built before 1945 will have some type of extended insurance, while homes built before 1900 will have a highly comprehensive package. However, individual cases are considered and judged by the assessor in question.
Why is homeowners insurance more expensive for a historic or antique home?
The truth is that homeowners insurance premiums for historic and antique homes can sometimes cost as much as 20% more than what standard homeowners insurance costs. While this may make a policy holder protest, antique and historic homes frequently have much higher upkeep and repair costs which necessitate the need for a higher replacement valuation. A newer home can get away with many repair options; however, historic homes often require handcrafted details and expert craftsmanship to return to optimal quality. The high premium tag is not without more support, as the coverage is more comprehensive and designed to help you get back the antique charm you lost.
What if I can't live in my home during the repairs?
Coastal regions are especially seeing instances where more repairs and extra work is needed to rebuild antique homes correctly. The intensive work necessary to recreate the homes in detail could keep the policy holder out of their homes longer than an average home repair. In these cases, some homeowners insurance policies for these homes will include unlimited loss-of-use coverage to pay for temporary housing, while others may have limits to how much they will spend.
Why would an insurance company reguse to gran an antique home coverage?
Generally, if a home is in good shape there is little reason why an insurance company will not grant coverage. However, if your antique home is under disrepair and not up to code, there is a good chance you will be denied. When you buy an antique home and are seeking insurance, your best bet to get it is to update a few essential systems. Upgrade plumbing and electrical systems right when you purchase the home. Cover these essential systems and your chances of getting favorable coverage will skyrocket.
Nicholas / Tobin Insurance, located in New Milford, Connecticut, provides its clients with the highest quality insurance products and services available today to protect them, their families, and businesses. We offer homeowners insurance, renters insurance, car insurance, business insurance, travel insurance and more! Our commitment to service means our team of licensed insurance professionals is here to help with simple policy questions, consult with you to determine appropriate coverage and be available 24/7 when trouble strikes and you need assistance managing through the claims process.
