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Historic Home Insurance

  

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If you own or are planning to purchase an antique or historic home, make sure you have adequate homeowners insurance to protect your treasure.   

Hand-carved molding, original hardwood floors, and stained-glass windows are some of the unique features of older homes.  However, these features are more expensive to replace than standard home materials, and they require specialized coverage to be fully protected.  Obtaining insurance from an insurance company that specializes in historic homes is your best bet for covering all your bases.

The premiums for historic home insurance typically run about 20%- 40% higher than standard homeowners policies but this amount pales in comparison to the costs you’d pay without the extended coverage.

Standard insurance policies generally insure homes for their estimated replacement cost.  While many insurance companies will add some form of guaranteed replacement cost endorsement which will allow the policy to pay more than this replacement cost estimate, most insurance companies will not provide this guarantee on historic homes.   A historic home insurance policy can provide replacement cost coverage and  it can also provide replacement-in-kind coverage. That will allow you to replace original details such as hand-crafted wood features, a slate roof or other hard-to-replace details.  A historic home insurance policy is a particularly good idea if the home is listed on a local or national historic register.  Artisans may be required to do specialized work such as replacing lath and plaster on your home. 

A key feature to historic home insurance policies is unlimited loss-of-use coverage, since historic home repairs typically take more time to complete. This coverage reimburses you for additional living expenses while your home is being repaired.

Another advantage to a historic home policy is that it generally has higher limits than a standard policy for things like cash, jewelry and fine art.

Owning an historic home is a big investment, so it's important to do everything you can to protect that investment.  Installing fire and burglar alarms can help lower premiums.  Homeowners need to do their research and make sure they work with an agent or carrier who understands the historic significance of the home and is insuring it correctly.