There is a misunderstanding in the insurance industry about older homes being cheaper to insure. This is completely incorrect. When you have an older home, you may want to get multiple home insurance quotes in CT to find the best rates. Why are older homes not cheaper to insure?
- Older homes may use different construction techniques than newer homes. Replacement might be more expensive, especially in historic districts. Specialty artisans generally cost more, as do materials.
- An older home can even too costly to repair, which can make insurance companies refuse to cover the property.
- Sometimes, insurance companies may request parts of the home be updated before issuing insurance. The company cannot take the risk of an outdated roof, for instance.
If you have fallen in love with an older home, you may want to get home insurance quotes in CT before making the purchase. You don’t want to make an investment in a property only to find that you cannot get appropriate insurance. Always get a comprehensive inspection and discuss all aspects of the property before making a decision. Look for a replacement value of your home when purchasing homeowner’s insurance. Don’t forget to add replacement value of your personal property, just to make sure you can rebuild and replace if the worst happens.