Buying a Historic Home? What to Know About Specialized Home Insurance

Buying a historic home is a dream for many people, as they may boast charming architecture, rich stories and timeless character. But with that beauty comes unique responsibilities, especially when it comes to insurance. Standard homeowners insurance may not be enough to financially protect your investment, necessitating an understanding of enhanced coverage options.

How Can I Get Coverage for a Historic Home?

While some standard insurers offer endorsements for older homes, many historic properties require specialized insurance policies. These policies are designed to account for the unique materials, craftsmanship and architectural details that are often irreplaceable or costly to replicate. Insurers may also consider whether the home is listed on a historic register, which can affect coverage options and requirements.

Why Is It Important to Have Coverage Specifically for Historic Homes?

Historic homes often feature custom woodwork, plaster walls, antique fixtures and other elements that are not easily replaced with modern materials. If damage occurs, standard policies may only cover the cost of modern replacements, not historically accurate restorations. Specialized coverage ensures that repairs maintain the home’s historical integrity, which is crucial for preserving its value and complying with preservation guidelines.

Does Historic Home Insurance Cost More than Standard Policies?

Generally, yes. Insuring a historic home tends to be more expensive due to the higher cost of restoration, the need for skilled artisans, and the potential for stricter building codes. Premiums can also be influenced by the home’s age, location, and condition. However, some states offer tax incentives or grants for maintaining historic properties, which can help offset costs.

Get the Right Coverage

If you’re buying a historic home, don’t treat insurance as an afterthought. Seek out insurers with experience in historic properties and ensure your policy reflects your home’s true value and uniqueness.

Contact Tom Reyes Insurance Agency in San Antonio, Texas, to discuss customizable coverage options for your historic home.

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.