Home Insurance for Older Homes

Owning an older or historic home is a source of pride for many people. These properties often feature unique architecture, craftsmanship and a sense of history that newer homes simply can’t match. However, insuring an older home comes with a distinct set of challenges and considerations. At Ison Insurance Agency, Inc, we understand the importance of securing your investment and are here to help you navigate the complexities of older home insurance.

Understanding the Unique Risks of Older Homes

Older homes may face risks that newer properties do not. Common concerns include outdated electrical systems, aging plumbing and roofs that may be more susceptible to damage. Materials used in original construction, such as plaster walls or antique woodwork, can be costly to repair or replace. Additionally, historic homes may require specialized restoration to maintain their character, which can impact both the cost and type of insurance coverage needed.

Key Insurance Considerations for Older Properties

When insuring an older or historic home, it’s important to consider:

• Replacement cost vs. actual cash value. Replacement cost coverage helps pay for repairs or rebuilding with materials of like kind and quality, while actual cash value takes depreciation into account. For older homes, replacement cost is often recommended to preserve the property’s unique features.
• Ordinance or law coverage. Local building codes may require updates during repairs, such as electrical or plumbing upgrades. Ordinance or law coverage can help cover these additional expenses.
• Specialized restoration coverage. If your home is listed on a historic register or features rare materials, you may need a policy that covers specialized restoration work.
• Liability protection. Older homes may have features, such as steep staircases or original flooring, that could increase the risk of accidents. Adequate liability coverage is essential.

How Our Team Can Help Homeowners

At Ison Insurance Agency, Inc, we work closely with homeowners to assess the unique financial needs of older properties. If you own or are considering purchasing an older home, let us help you secure your investment. Contact us today to discuss your home insurance needs and discover how we can help.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.