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 Posted: Sat Oct 11, 2008 5:00 am Post subject: Historic home insurance |
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Dear friends, if I'd ever get a historic home in my name, is it necessary for me to get it covered under a special insurance?
Balkans-territory
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Balkans-territory
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| Posted: Sat Oct 11, 2008 7:26 am Post subject: |
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See..the HO-8 policy is meant to cover the old homes that bears historic significance. But remember that this coverage feeds the repair charges but it is not meant to support the replacement cost element. Thanks, Crossbreed
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Crossbreed
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| Posted: Sat Oct 11, 2008 9:44 am Post subject: |
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| Quote: | | See..the HO-8 policy is meant to cover the old homes that bears historic significance. |
Besides the HO-8 policy you may have another choice. You may look for an insurance provider who can customize a policy exactly matching your needs and also with higher coverage limits. However, this type of a policy for insuring historic homes may require you to pay more as premiums but it will be worth the effort. |
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sil
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| Posted: Sat Oct 11, 2008 9:55 am Post subject: |
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Yes and these insurance companies that tailor make the policies for covering historic homes also have their own consultants to help you with the kind of architecture and design that can be covered. In addition to the customized features this insurance also provides features similar to a regular homeowners/renters insurance.
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Blueblood
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| Posted: Sat Oct 11, 2008 10:01 am Post subject: |
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While a standard homeowners' policy concentrates on only the market value of the home in case of a catastrophe, your customized historic home insurance will provide the actual cost of replacing it. In doing so, it will most definitely consider the materials used in building the home and recreate the home with as much authenticity as possible.
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Readmymind
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| Posted: Sat Oct 11, 2008 11:05 am Post subject: |
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Not all insurance company offer historic home insurance. Hence, you first need too find an agent or carrier who offers such policy.
Ancient and heritage property needs special coverage since the perils that it may face may be different from the new home. Mould, for instance, is certainly the great threat to the historic properties. And mould damages are not covered under the standard HO-3 policy. The historic building may also cost huge in terms of maintenance expenses
Most of the HO-8 policy will cover for the repair cost of the home and not the replacement value. Hence, you need to identify the insurer who has specialized in insuring historic properties. They may be able to help you in identifying the unique feature of your property which needs special coverage.
However, in addition to the features that are required to protect the historic building the HO8 policy also offers coverage against most of the perils that are covered under the standard homeowners policy. |
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jeorge
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| Posted: Sat Oct 11, 2008 11:25 am Post subject: |
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Hey there, if you mean that your home really has some historical value then why don't you go for a carrier that offers such coverage?
See, usually a home insurance coverage is not designed keeping such specific needs in mind. The policy that you'd need for such homes should offer more coverage for that purpose. The same could be said about the replacement cost. But yeah, you'd need to bear a little bit more in terms of costs. Roddick |
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roddick
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| Posted: Sat Oct 11, 2008 7:26 pm Post subject: |
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| sounds like it could be expensive insurance. |
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fireyone
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