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. That’s why we get so many questions about what kind of insurance an older home needs. 

Whether you already own an older home or you’re planning to buy one, here are some of the insurance considerations to keep in mind.

The roof

Most roofs need to be replaced approximately every 20-25 years. If a roof hasn’t been updated within a certain period of time, any damage claims resulting from the roof are likely to be denied. 

When you’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. 

If you own an older home and you know the roof hasn’t been updated, it might be time to consider doing this before any damage occurs, if it hasn’t already. Check for things like loose tiles, sunken patches, or openings in your roof  — each of which can be a sign that it’s time to replace your roof. 

The plumbing

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 Outdated plumbing comes with a higher risk of things like burst pipes and water damage, which is one reason homeowners pay more to insure an older home. 

Have a look at any exposed pipes in a home. 

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 hasn’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. 

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A home with an outdated electrical system will have a harder time keeping up with the electronic demands of the modern household. 

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. 

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 you’d like to find out more about insuring a home of any age, get in touch with Lupton and Luce Insurance today!