Ask most people what they want in a house, and you often hear "character." But frequently what this really means is an older home. Find out the factors to consider when insuring older homes (and the beloved character they possess).
factors that may impact rates for older homes
While home insurance for older homes isn't always more expensive, there are several factors that could lead to higher insurance rates.
Building standards have changed over the years. Some older homes haven't caught up. For example, some use a 60-amp electrical system rather than the 100- or 200-amp service common today.
Others may feature knob-and-tube wiring, which is more exposed than today's style. It all adds up to an increased fire risk, especially when multiple appliances are in use.
Galvanized steel pipes are common in older homes. The problem with this particular material is its tendency to rust, which can stymy water flow and lead to leaks and flooding.
What kind of roofing materials does your older home have? Depending on the answer, you could be at extra risk for wind, hail, or other damage.
Reclaimed wood, antique doors, and hand-painted windows are a treat to live with — but not to replace. If older homes are seriously damaged, their hard-to-find materials and architectural flairs can make reconstruction a costly challenge.
Old homes often have old appliances to match. A wood-burning oven, for instance, despite being a quaint accent many homeowners desire, greatly increases the risk for fire and explosions.
Keep in mind these are just a few of the common issues with insuring older homes. Depending on your situation, your insurer could ask for certain updates or repairs before issuing a policy. In some cases, if the home is simply too unsafe, it may not qualify for traditional homeowners insurance.
smart coverage choices for older homes
Need help mitigating the risks of your older home? Check out some of the Esurance coverages that could be useful having on your insurance policy.
Increased dwelling protection
In general, it's best to have enough dwelling protection to cover the cost of rebuilding your home should it be leveled by a fire, storm, or other risk. Take careful stock of the rare or expensive architectural elements in your pad and be sure to factor them in when deciding how much it will take to restore your home to its former glory.
Water backup coverage
Financial protection against water backup comes standard on an Esurance homeowners insurance policy, and can be useful given the finicky plumbing of houses that are a bit long in the tooth.
Eco upgrade coverage
Sometimes older appliances aren't there by choice — you're just stuck with them. With an Esurance policy, you could add eco upgrade coverage and have your outdated, inefficient appliances replaced with ENERGY STAR® models after covered incidents.
Roof surfaces extended coverage
If your roof is vulnerable to wind or hail, you'll want to know that you can get damaged materials replaced without depleting your savings — that's where having this coverage on your policy can help.
Coverage for today's building codes
If your home is destroyed, your dwelling protection can get it back to where it was, but construction may not end there. Extra rebuilding could be required to bring your place up to today's safety regulations. And without building codes coverage, this cost would fall to you.
get your old home a modern quote
Even older homes (and those who own them) deserve fresh discounts, cutting-edge tools, and modern coverage options. Start your free homeowners insurance quote with Esurance to customize your unique policy and see how much you could be saving. Or speak with one of our licensed agents at 1-866-439-5633. We're available at these times to address any of your home insurance queries or concerns.
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