How To Access Home Insurance While Renovating A Vintage Home

Home renovation is a trying experience for anyone. The difficulty increases tremendously for those trying to renovate a vintage home. An owner of a vintage home must get the appropriate home insurance coverage to protect their interest, especially during a home renovation.

Not all insurance companies will insure a vintage home during a home renovation. Many historic homes, over 100 years old, have intricate woodwork, special architectural details and other features that are difficult to insure due to the increased expense of having to replace them. There are some companies that specialize in insuring vintage homes. The companies that provide home insurance for vintage homes can be found with a search of the Internet.

Home insurance for a vintage house is expensive whether covered by an insurance company that specializes in vintage homes or not. However, some companies that do not specialize in vintage homes may provide you with home insurance depending on the type of house you own. Vintage homes that are simple and do not have ornate woodwork, molding or fixtures are easier to insure. Companies that do not specialize in vintage home insurance may consider insuring a vintage home that has a simple structure.

If an owner of a vintage home purchases coverage from an insurance company that does not specialize in old homes, the policy may be less expensive. However, if an owner gets a standard home insurance policy, several issues need to be kept in mind. Standard home insurance policies cover the market value of a home and not the actual cost. Vintage homes have handcrafted work and special materials that are not easily or inexpensively replaced.

Some companies can offer "replacement in kind" policies. The owner of a vintage home with such a policy would be assured of getting "true" replacements. This means that instead of getting new wood to replace the 100-year-old mahogany floors that were irreparably damaged, the floor would be replaced with 100-year-old mahogany wood. These policies cover the unique craftsmanship, details, and materials that are an integral part of a vintage home.

Steps can be taken to lower the expense of home insurance on a vintage house. Like all insurance policies, if you increase your deductible, you will decrease your premium payment. If you can afford it, or if you save the money from the decreased premium payment, you can pay out-of-pocket for smaller repairs. When the big repairs hit, you will have met your deductible, and the bills can be covered by the insurance.

Owning a vintage home is an important and expensive responsibility. An owner can be free to enjoy the benefits of a vintage home if the appropriate home insurance coverage is in place.

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