Q:
Do I need special insurance if I own a historic home?
Answer:
The standard HO-8 homeowners insurance policy is designed to cover older homes that have historic value. This policy covers the cost of standard repairs, but it does not provide replacement cost coverage.
If your home is truly historic and you want to insure it as completely as possible, you may want to seek out an insurance company that specializes in insurance for historic homes. Such an insurer can write a policy tailored exactly to your needs, with higher coverage limits than a standard homeowners policy and replacement cost coverage. Individualized insurance of this type will cost you more, but it can provide you with the peace of mind that standard policies can't offer.
Insurers specializing in historic homes generally have consultants who will visit your home and identify one-of-a-kind features. They can advise you on which specific aspects of your home's architecture and design should be protected. Should you have to make a claim, these insurance companies will be able to help you in ways an ordinary insurer generally can't. They often have contacts who deal in historic restoration, supplies, and repair.
If your home is in a historic district, you may be required to make repairs that maintain the historic integrity of the home. For example, if your home has a slate roof, you may be required to use slate for any roof repairs. You may even be required to use slate from the same region as the original. Not only would a historic home policy pay to have the roof replaced, but the insurer may even be able to help you find the slate required and a contractor qualified to install it.
In addition to the specialized coverage, historic home insurance offers many of the same features as a standard homeowners insurance policy. Policies generally include personal liability and additional living expenses coverage, which pays for living expenses if your home is uninhabitable at the time repairs are being made. Personal property, art, and jewelry are also generally included, often with higher limits than standard homeowners insurance.