The Challenge of Insuring an Older or Historic Home

Owning an older or historic home can be both highly rewarding and extremely challenging at the same time.
Categories: Personal Insurance
May 10th, 2018 | By: CapriCMW

Owning an older or historic home can be both highly rewarding and extremely challenging at the same time.

On one hand, it has unique character and charm, and may be in a prime location or offer more space than recently built homes. On the other hand, the home may require extensive repairs or updates which can get exponentially more expensive the moment you renovate.  One seemingly straightforward project can easily turn into multiple. Certain features of a bygone era may not be replaceable at all. In many cases, owners find themselves uncovering layers of time and history, and what lies beneath could be a pleasant or unpleasant surprise:

  • You may find that an attempt at removing the wallpaper unveils several other layers that cannot be easily separated from the wall, leading to a full replacement of the drywall.
  • You might then uncover damage to a subfloor which must be replaced.
  • Some features may contain asbestos or mold, the removal of which requires special handling.

It can all lead to further renovations not previously anticipated and not originally in the budget. 

For these reasons, it can be difficult to secure insurance for an older or historic home that actually covers the associated risks.  Often, the limits offered on typical home insurance are just not adequate to cover the potential increased costs for repairs and upgrades to old wiring, plumbing, roofs, appliances and rare materials. For those with high value homes, few insurers are willing to offer coverage with sufficient limits and some simply won’t offer any coverage on homes over a certain age.

It’s important to work with an Insurance Advisor that can customize your insurance coverage to meet the unique needs of an older and historic home. Additionally, they should be offering value-added services and resources beyond the insurance policy.  

Private Client Services by CapriCMW works exclusively with clients with homes and personal property of significant value.  One of our expert advisors will identify the unique aspects of your home, negotiate the best possible terms with specialist insurers and provide a recommendation that is personalized to fit your needs. 

 

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