Hey there! Are you searching for the best homeowners insurance for older homes? If yes, then this article is for you. This article aims to outline some of the top and best homeowners insurance companies offering coverage for older homes.
In the meantime, older homes are generally more expensive to insure when compared to newer homes. This is because older people are often viewed by insurance companies as at higher risk.
For instance, they can be fragile, their construction material may be obsolete, and certain structural components, ranging from roofs to plumbing, etc., may be in bad shape.
In this case, finding a home insurance company for your older home might be tasking and time-consuming. Not to worry, we have compiled some of the best companies to consider.
Best Homeowners Insurance for Older Homes
As stated above, we have compiled some of the homeowners insurance companies that provide coverage for older homes or high-risk homes. Check out the list below:
USA
One of the best home insurance that covers older homes is USAA. This insurance company is best for active military members, veterans, and their families. In addition, their coverage is designed to safeguard your home, belongings, and personal liability.
Some of the coverage offered includes dwellings, other structures, personal property, and loss of use. Furthermore, they offer additional coverage, which includes extended replacement costs, increased ordinances or laws, replacement costs for personal property, home-sharing, and more.
The average rates for 100-year-old homes range from $1,504 per year for 75-year-old homes to $1,519 per year for 50-year-old homes to $1,566 per year.
The best part is that this coverage is available to all 50 states but only to those affiliated with the U.S. military. Lastly, you can get a quote online by simply visiting their official platform.
Allstate
Another top home insurance company that offers coverage for old homes is Allstate. This is one of the top-rated home insurance companies in the nation, and this is due to its relatively affordable rates.
In addition, they offer a wide range of discount options along with exceptional customer service. Allstate home insurance policies are available in all states except California.
However, like USAA, they offer six basic coverages, including dwellings, other structures, personal property, medical payments, personal liability, loss of use, and other additional coverage.
The average rate for 100-year-old homes is $1693 yearly; for 75-year-old homes, the average rate is $1693 yearly; and for 50-year-old homes, it is $1681 yearly. You can also purchase a quote through their official website online.
Chubb
This insurance company offers a wide range of coverage options for high-net-worth properties, including extending replacement cost coverage, which can increase your coverage limit by up to 50%.
Thus, this insurance company is ideal for people who live in an area that’s at high risk for wildfire damage, offering complimentary wildfire defense coverage.
Furthermore, Chubb home insurance also includes complimentary home inspection with the aid of its HomeScan technology to detect potential issues going on in your home’s walls or ceilings. It also offers basic home insurance coverage along with additional coverage to ensure that your home is well-secured.
The average rates for 100-year-old homes are $1743 yearly; for 75-year-old homes, $1753 yearly; and for 50-year-old homes, $1853 per year. Its services are available in all 50 states and can be purchased online via its official platform.
Progressive
If you need a home insurance company that offers old homes with safety measures such as smart locks and burglary alarm systems, then you should consider Progressive.
Progressive is an insurance broker that doesn’t underwrite or service the home insurance policies it sells, but it will place you with one of its partner insurance companies for all of your coverage, customer service, and claim-filling needs.
Despite this, this company offers the best services designed to meet your needs. In addition, you can also purchase home and auto insurance at the same time to score a multipolicy discount.
The average cost for 100-year-old homes is $1743 per year; for 75-year-old homes, $1837 per year; and for 50-year-old homes, $1850 yearly.
What Are the Factors That Affect the Price of Insuring Older Homes?
Now that you’ve learned about some of the top insurance companies that offer home insurance coverage for older homes, it is important you know the factors that affect the price of insuring your old home. Here are some of the most common factors to consider:
Age of the Home
One of the major factors that affects the price of insuring older homes is the age of the home.
For instance, the price of homeowner insurance for a 100-year-old house differs from that of a house less than 40 years old. Home insurance rates are higher for older homes or homes in need of repairs.
Building Materials
Another factor that might affect the price of insuring older homes is the building materials. If your home was built with rare materials, then replacing it might be considerably more expensive.
This is because these homes often require additional review by your insurer to ensure your property is eligible for coverage and that the correct protection is afforded.
Roofing
This is another vital factor that might affect the price of insuring your old house. An older roof is less likely to withstand damage, and thus your premium might increase.
Also, the material used to construct the roof can cause concern, as the materials used years ago were heavier and less durable than those used presently. Lastly, depending on the age and roof material, your home might not be qualified for coverage and a full roof replacement.
Electrical Wiring
If your home has its original wiring, there might be a high risk of fire and other issues, and in this case, your insurance premium might be high.
Thus, depending on the age and type of electrical system, your home may not be eligible for coverage.
Plumbing Systems
Outdated plumbing systems can also cause your home insurance premium to increase. This is because obsolete plumbing systems are often built with materials that are prone to leaks, blockages, and burst pipes.
How to Lower Homeowners Insurance Premiums on Your Older Home
If your home insurance premium is unaffordable for your old home, you should consider the following:
- Replace the wiring in your home with modern ones.
- Also, change the plumbing and utility lines.
- Replace the roof
- Have a good credit score.
- Also, make cosmetic and interior upgrades and renovations.
- Lastly, check for available discounts, such as safety or bundling discounts.
You can consider the above if the cost to insure your old home is expensive and unaffordable.
Bottom Line
Purchasing home insurance is ideal, as this can secure your home from unexpected circumstances. However, having an older home can make it harder. Nonetheless, several home insurance companies cover high-risk homes.
All you have to do is find the best deal on the coverage you need using an online quote comparison tool to see how different insurance companies stack up.