Has anyone who has an historic home found a reasonable way to insure it? If a home is over a certain dollar value, many possible insurers drop out. Fewer less insure homes older than 100 years. As a result, I'm now with the Rolls Royce of the industry - Chubb - and I pay for it - at a replacement value of almost 5x of what I paid for the home.
Part of my problem is that my house is constructed entirely of granite save for the window and cornice trim. It was one of the main attractions for me to buy the house, but it is "fun" to try and insure it's replacement.
Looking for other experiences...
Insuring an Historic Home
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Victorian Homes & Buildings thread on victorianforum.com · started April 10, 2008 by rarevictorian · 5 posts, 1 image attachment · discussion in 2008.
Has anyone who has an historic home found a reasonable way to insure it? If a home is over a certain dollar value, many possible insurers drop out. Fewer less insure homes older than 100 years. As a result, I'm now with the Rolls Royce of the industry - Chubb - and I pay for…
After a modest learning curve, I ended up going with the insurance company that insured my house under the previous owner. My first-choice insurance company dumped me 6 months after I bought the place...I think that they got cold feet. Our current insurance company (the "old" one) might have even insured the house 2 owners ago...I'm not sure.
Anyway, we have our home insured for replacement value...about 3-times fair-market value. I haven't had any claims for several years, so everybody seems to be happy. I did have them re-calculate the replacement value about 3 years ago after all of the work that we had put into the place...best to keep everybody happy.
We also have our cars insured by the same company...good discount for having all of our junk in one basket. Also, there are some premium savings for silly things like fire extinguishers, smoke detectors, etc. Be sure to ask how to keep that premium down a bit.
- Jason
Anyway, we have our home insured for replacement value...about 3-times fair-market value. I haven't had any claims for several years, so everybody seems to be happy. I did have them re-calculate the replacement value about 3 years ago after all of the work that we had put into the place...best to keep everybody happy.
We also have our cars insured by the same company...good discount for having all of our junk in one basket. Also, there are some premium savings for silly things like fire extinguishers, smoke detectors, etc. Be sure to ask how to keep that premium down a bit.
- Jason
I've heard good reports, at least with regard to price, of the National Trust for Historic Preservation's insurance program, from homeowners who left Chubb to insure at NTHP: http://www.preservationnation.org/take-action/marketplace/insurance.html
1836, thanks very much for the tip. I may end up switching my insurance based on your suggestion. Initial figures look like a meaningful improvement.
It appears they use Travelers or AIG Private Client Group.
It appears they use Travelers or AIG Private Client Group.
I'm making the switch and the savings should be very meaningful. I've attached the brochure for their AIG coverage.