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 Posted: Wed Jan 04, 2012 4:49 pm Post subject: Insuring old house |
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My house was an outright purchase, no mortgage or debts related to it. What I would like to ask is this: Is there anything like a renter’s policy for homeoweners? Is getting only liability coverage a good idea. I simply say this because it is an old house and insurance companies may reject my application.
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Topher
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| Posted: Wed Jan 04, 2012 7:28 pm Post subject: |
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You don't get a renters policy on a home you own. If you only want coverage for the home you obtain a dwelling policy for fire policy (same thing).
If the home burns to the ground are you prepared to pay to clean everything up and simply walk away? If not, then a fire policy might be a good idea. What if a storm blows the roof off? Are you prepared to pay to put a new roof on it?
Keep in mind that a fire policy does not just cover fire... it's just the type of policy. It can address vandalism, wind damage and many other things.
There are insurance companies that will write the policy... for a price. Speak to a local agent. |
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tcope
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| Posted: Thu Jan 05, 2012 3:27 pm Post subject: |
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| Tcope is right, you should look for a policy which covers at least the basic perils. After all, it is your home and you should do everything to protect it. Since it is an old building, you can look into the HO8 policy. It is a named peril policy covering 10 of the most basic perils including fire and lightening, windstorm and hail, vandalism, explosion, smoke, theft, etc. Water damage, floods and earthquakes are not covered. A HO8 is used to insure your home at the actual cash value. |
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Heller
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| Posted: Tue Jan 10, 2012 3:58 am Post subject: |
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You can get homeowners insurance on an old home, and it being old does not mean the home insurance will be expensive.
You may have problems due to the home's condition, if it needs repairs or maintenance. But you can still get a basic policy at an affordable cost, unless you are in an area subject to high risk of wildfires, tornadoes, or hurricanes.
It would be wise for you to protect the investment you made in your home.
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Robert742
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| Posted: Tue Jan 10, 2012 3:51 pm Post subject: |
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| The assessment of risk is at the sole discretion of the underwriter. Older homes do entail higher premium rate (average of 20% to 40%) than that of a regular policy. There are insurance companies which won’t even consider insuring a dwelling more than 90 years old. Then again, if this old home of yours is of any historic value, it can be covered as a historic property. They are pricey policies which, in case your home is destroyed, will pay to have it rebuilt using the original older material and not the regular modern material like hardwood and plaster |
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Heller
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