Is Insurance Different for Older or Historic Homes?

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A Personal Insurance Update

With the cost of homes increasing daily, many people are considering purchasing older or historic homes.  If you have ever owned an older home, you know the issues that come with updating and making repairs.  Restoring a historic home to its original condition can cost considerably more than expected.

That is why it is important to have a homeowner’s insurance policy that is designed to address the needs of older and historic homes.  If your historic home is damaged you will want to keep the design, construction, and integrity of the original architecture.  Most standard homeowner’s insurance policies will not provide the necessary coverage to restore historic or older homes to their original architecture condition.

Most historic or older homes have detailed finish work, hand carved details, unique brickwork, custom tile and flooring, or exotic woods and other features not found in homes today.  A standard homeowner’s insurance policy is intended to replace materials with like kind and quality, but that term can be interpreted in many ways.

You may need historic coverage for your home.  We can provide a quote, so call us today!

Why Is Having a Home Inventory so Important?

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If your home and personal property were damaged, would you be able to remember all your belongings?  Consider that you also are in a state of shock due to the loss and/or damage to your home.  It has been our experience that having a home inventory is one of the best ways to help you recover from a devastating loss.

Having a home inventory is the easiest and best way to manage insurance claims after a disaster or loss. This action also expedites the claim process, making it easier to be paid.

How to Start the Inventory Process

To create your home inventory list, go through each room of your house, list, and take photos of its contents.  Be sure to list large and expensive items individually (like appliances, jewelry, and furniture) and group together smaller items in sets (like books, toys, or linens).  Don’t forget to include items stored in your basement, attic, garage, or shed.

If you have a larger home, or many belongings, starting a home inventory list may seem overwhelming.  Try breaking the project into several, smaller tasks.  For example, inventory just one room a day or one category of items (furniture, for example) at a time.

Time Saving Tips

  • Record the serial numbers of your electronics and appliances.
  • Take many photos.
  • Count clothing by category, i.e., pants, shoes, etc.
  • Keep proof of purchases, receipts, and a detailed record of antiques, jewelry, and major appliances.
  • Use a phone app. There are several mobile apps that can help you.
  • Add new purchases as you go.
  • Backup your inventory file on the cloud.

Knowing this information ensures you have an accurate value to insure your home and possessions.  If you have too little coverage, you can’t replace lost property, and if you have too much, you are paying more than you need to on higher premiums.