Benchmark Agency Blog

When Looking At Historic Home Insurance Be Careful What You Buy

If you live in a historic home how serious are you about preserving its heritage? Living in a community or property that has historical significance can be exciting and fun, but you can also enjoy elevated real estate values, so long as you look after the property carefully.

When insuring historic homes what type of coverage should you look for? You need to have all your replacement options covered. Will you be opting for full restoration, or something not quite as authentic? It’s important to check your historic home insurance carefully. In the event that the home is damaged or destroyed will you be able to rebuild with historic accuracy?

Be careful to note that a regular replacement policy will only allow you to renovate your home with modern materials that just happen to look as if they were period. Yes, it’s possible to come up with materials that allow your home to “look” the part, but it won’t be authentic anymore. This is very likely to affect its value as you move forward.

Some historic home insurance policies also include fine print that basically says that an attempt will be made to replace like for like, but there cannot be any guarantee. Just be aware of what you are buying, so that it fits with your needs.

It is perhaps not surprising that historic home insurance costs quite a bit more than its contemporary counterpart. By some estimates a historic home that costs half a million dollars could cost at least that amount to restore to its former condition, when using materials that are period specific.

Some of these costs are elevated due to the fact that you would have to have specialized craftsmen, from stonemasons to decorative artists and essentially people who are highly skilled for the job. The specific materials needed may be difficult to come by. The amount of time it may take to repair may need to be extended, due to the different techniques needed and the amount of labor required to perfect the result.

Talk to us at Benchmark Insurance, as this is one of our specialty areas. We can recommend the type of policy you need, while also looking at your personal property insurance to cover any period furniture you may have.

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