When your house is a piece of history, your insurance needs are going to be different than they are for newer homes. If your home is on the registry of historic places, than it is important to preserve as much of the original character as possible. You will need an insurance plan that can absorb the cost of replacing hard-to-find pieces, and to hire workers who specialize in restoration. Therefore you will need a policy that insures a great deal more than the monetary value of the house.
However, if maintaining the original character of the house is not of concern to you, it may be fine to insure your home at the market value. But remember, a falling tree limb could cause structural damage to the house that, because of the old materials used in your house's construction, may end up costing more than your coverage allows for. Conventional home insurance policies are geared toward modern construction, and therefore, most insurance providers offer packages specifically designed for historical homes. This helps to guarantee the owner that any antique fixtures or rare furnishings can be replaced after a disaster. Many of these policies make allowances for the fluctuating costs of period pieces and hard-to-find materials.
When building these insurance packages, your agent will also help you find a plan that takes into consideration any changes in zoning laws and building codes from which your home may be exempt under a grandfather clause. Otherwise, any damage your home sustains may have to be repaired according to modern codes, which could spell a major, unanticipated —and unwanted—renovation project. It is also important to understand exactly what constitutes a historical residence. Your home need not be the former residence of a famous author of political figure; it is the construction of the house that makes it emblematic of a certain period. One thing to consider when assessing whether your home is, in fact, a historic building, is its construction.
What kinds of wood, bricks and metals make up the bulk of your home? Will these items be difficult to locate in the event of any damage? Will repairing them be expensive? Are the materials naturally water resistant or are they treated? And finally, do you have plans to renovate, either for safety or for efficiency? Older construction can be drafty, and your heating and cooling bills can be astronomical as a result. Therefore, you may want to look into installing new windows or installation. Of course, the preservation societies in your area may have strict guidelines on how you should approach improvements of this sort. Old wiring is also an element you might want to replace. Old homes often lack a sufficient amount of outlets for modern usage, and these are often incompatible with polarized plugs. You might get a break from your insurer, as older electrical systems can be a fire hazard, but once again, watch out for the preservation societies.
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