A historic home provides a connection to the past and a cherished legacy. However, preserving and protecting one of these structures comes with challenges, including finding sufficient insurance coverage. That’s because historic homes typically require specialized insurance to safeguard their unique features and historical value adequately.
From preserving original architectural elements to addressing the increased cost of restoration and repairs, historic home insurance allows the comfort of knowing your cherished property is fully protected. Keep reading to learn more about historic home insurance, whether you need it for your property, and how SelectQuote can help you secure the proper coverage.
What is historic home insurance?
Historic home insurance is a specialized policy designed to protect the unique features and historical value of older and historically significant homes. It allows homeowners to tailor their coverage to the needs of their historic property, addressing the challenges of preserving original architectural elements, handling the increased cost of restoration and repairs, and protecting the home's historical significance.
This type of insurance goes beyond standard homeowners insurance to ensure that the legacy and historical value of the property are fully protected. Historic home insurance typically offers coverage for specialized restoration and reconstruction, preservation of historic materials, and increased rebuilding costs to accurately reflect the unique nature of historic homes. It can also account for the potential costs of complying with historic preservation regulations and standards.
How can you apply for historic home insurance?
If you own a historic property, you’ll likely need coverage beyond the six protections included in a standard home insurance policy. When applying for historic home insurance, there are several vital steps to consider:
Research Specialized Insurers: Look for insurance providers that specialize in historic home coverage. These insurers typically have experience in assessing the unique needs of historic properties and can offer tailored insurance solutions. Partnering with an insurance broker like SelectQuote can help you understand and compare your options in one place, streamlining the shopping process and supporting you in finding a policy you can afford.
Validate Your Home’s Historic Value: Prepare documentation that highlights your home's historical significance, including any original architectural features, historical designations, or unique characteristics. This information will be crucial in assessing the property's value and determining the appropriate coverage.
Appraisal and Valuation: To understand the type of policy you’ll need, consider seeking a professional appraisal to assess your home's replacement cost and historical value accurately.
Identify Your Coverage Needs: Work closely with the insurance provider to identify the specific coverage needs for your historic home, including preservation of historical materials, increased rebuilding costs, and compliance with historic preservation regulations.
How do you know if you need historic home insurance?
If you own a home with significant historical or architectural value, you may want to look into additional coverage options, like historical home insurance. If you’re unsure whether this type of policy is right for you, here are some indicators to consider:
Historical Designation: Owning a home that’s officially designated as a historic property by a local or national preservation organization strongly indicates that you should consider historic home insurance.
Unique Architectural Features: Homes with original, irreplaceable architectural elements, such as ornate woodwork, stained glass windows, or intricate moldings, may require specialized insurance to protect these features.
Age of the Home: Older homes, especially those built before the 20th century, often have historical significance and may benefit from the tailored coverage of historic home insurance.
Local Preservation Regulations: If your property is subject to local regulations to preserve historical integrity, historic home insurance can help ensure compliance with these requirements.
Find the Unique Coverage Your Home Needs with SelectQuote
Whether your home has historic value or your property has other unique features, it can be challenging to find the right home insurance policy on your own. Luckily, SelectQuote will do the hard work for you. With nearly 40 years of industry experience, our licensed insurance agents will provide you with quotes from several of the nation’s most highly trusted carriers in just minutes.
