Insurance Considerations for Older Homes
An older home is a special place with years of memories packed inside. Of course, such a special place might have special insurance considerations. Thatâ€™s why we get so many questions about what kind of insurance an older home needs.Â
Whether you already own an older home or youâ€™re planning to buy one, here are some of the insurance considerations to keep in mind.
Most roofs need to be replaced approximately every 20-25 years. If a roof hasnâ€™t been updated within a certain period of time, any damage claims resulting from the roof are likely to be denied.Â
When youâ€™re buying an older home, be sure to find out when, if ever, the roof was replaced. With an old roof, an insurance company is likely to charge a higher premium because the risk of water damage is much higher.Â
If you own an older home and you know the roof hasnâ€™t been updated, it might be time to consider doing this before any damage occurs, if it hasnâ€™t already. Check for things like loose tiles, sunken patches, or openings in your roofÂ â€” each of which can be a sign that it’s time to replace your roof.Â
If a home is 50 to 100 years old and the plumbing has never been updated, it will typically result in higher insurance premiums. Outdated plumbing comes with a higher risk of things like burst pipes and water damage, which is one reason homeowners pay more to insure an older home.Â
Have a look at any exposed pipes in a home.Â
If you see things like discoloration, stains, or flaking, your pipes likely need to be replaced. You can also fill your bathtub when your water system hasnâ€™t been used for a while (i.e., after vacation) and see if the water is discolored. Yellow or brown water often indicates rusted pipes.Â
The electrical system
A home with an outdated electrical system will have a harder time keeping up with the electronic demands of the modern household.Â
When a home has an old electrical system with modern appliances like an air conditioner or microwave, chances are it will have a hard time keeping up.
This means an electrical failure, including a fire, is more likely to happen. With that in mind, an older home with an equally old electrical system is riskier to insure, meaning a policy will cost more.Â
Older homes can come with many advantages, like lots of charm, bigger rooms, and spacious lots. But just as you would with buying a new home, be sure to do your research about insuring that home before buying it.
If youâ€™d like to find out more about insuring a home of any age, get in touch with Lupton and Luce Insurance today!