Best Home Insurance for Older Homes (2021)
The best home insurance for older homes is through Chubb because they work directly with the National Trust for Historic Preservation and have an A+ BBB rating. State Farm and Foremost Insurance also provide competitive insurance for older homes and have an A+ rating. The best homeowners insurance for older homes is expensive and unique because it provides coverage for restoration and renovation.
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UPDATED: Dec 10, 2020
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- Insurance for older homes can be expensive and difficult to acquire
- Consider your home’s value, including special features of the home, when determining which coverage to choose
- The cheapest coverage doesn’t necessarily mean it will be the right coverage for you
What policy should owners of older homes consider? How do you find the best home insurance for older homes? Fortunately, many companies have made it easy to find the best old home insurance by creating specific older home insurance policies.
There is no reason you should have to compromise on coverage or value when choosing homeowners insurance for older homes. The best home insurance for older homes can be found at big-name companies.
Older homes can be difficult and sometimes expensive to insure. This is because they present a risk due to older plumbing and electrical and the general aging of the building materials. One way to save is to compare home insurance rates.
This review will offer you a better understanding of insuring your older home and provide a quick summary of a few of the best home insurance providers for older homes.
Compare the best older home insurance quotes right now. Enter your ZIP code into our free online tool to buy home insurance for older homes in your area.
What are the basics you need to know about home insurance for older homes?
When it comes to insuring an older home, home insurance companies have lots of concerns. Several factors may affect rates for older homes and even the home’s insurability under a standard policy.
Old homes usually have dated wiring, plumbing, and roofs, which present a higher risk of damage.
Other issues that can cause you to run into difficulty getting insurance are unusual building materials and original appliances or wood stoves. While those last items add charm to your home, the insurance company sees an expensive claim.
These expenses increase with the age of the home. For example, home insurance for a house over 100 years old will be higher than for a home that’s 50 years old.
Home insurance rates for older homes will often be higher than for new construction, which will only worsen the older the home is. So how much does home insurance cost for older homes? Keep reading for more.
What is the average cost of homeowners insurance for older homes?
The average cost of a homeowners insurance policy for new construction is $889 per year. The average cost of insurance for a home that is 30 years old is $1,432. As you can see, rates increase quickly with the age of the home.
Expect homeowners insurance for a 100-year-old house to be well above the average, in some cases double.
What policy should owners of older homes consider?
Wondering what kind of homeowners insurance policy covers older homes? Or what coverage options are available for older homes? Older homes need the same basic coverage as any other home; dwelling and other structures, liability, and personal property. The dwelling coverage is often the most difficult area.
Some insurance companies will try to insure an older home on an actual cash value policy. We recommend avoiding this at all costs.
While an old home’s value may be lower due to age, the cost to replace such a home is often higher than expected—especially if it has special, ornate features or is built with unusual materials. It’s important to make sure you are insuring your home on a replacement cost basis.
Older homes need extra protection from potential water damage, especially if the plumbing is original. With State Farm, water backup coverage is included under State Farm homeowner’s insurance programs.
Although, for other home insurance companies, water and sewer backup coverage is typically an extra endorsement.
The wiring in your home will be a particular sticking point for insurance companies. Some types of wiring are a high risk of fire, and many insurance companies simply won’t write a policy.
According to ESFi, 33 percent of homes in the United States are over 50 years old, and their dated home electrical systems result in a high frequency of fires. So, updating your older home’s wiring is the best way to open up your insurance options.
You may need to go with a specialty insurance company until that work is completed, but it will be worth it in the end as you’ll get some of the best house insurance rates for your older home.
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What are some specifics you need to know for home insurance on older homes?
While most older homes, as long as things have been updated, can qualify for a traditional homeowner’s insurance policy, there are some specific situations where a different policy might be needed.
Historic home insurance policies are designed for a home of a certain age and historical value. These specialty home insurance policies provide replacement cost coverage that will protect the dwelling thoroughly, even with expensive materials and unique features.
Some companies, however, will not provide replacement cost coverage for your older home, especially if its features are hard to replace. In this case, you may need to get a modified replacement cost policy instead.
With this insurance for your house and personal possessions, your home insurance company will cover the cost of repairs using updated building materials that are as close as possible to the originals.
This makes getting home insurance on a fixer-upper more affordable and easy.
Specialty (non-standard) policies for older homes that are lower in value and in need of renovation are also available. These homes often do not qualify for standard policies because of their more dated features.
Some of the old house insurance coverage is more limited on these policies. For example, they are often “named perils,” which means you are covered only for those specific risks listed on the policy.
Here’s a look at the different types of home insurance policies that are available. An older home policy may be one of several options.
|Policy Form||Type of Home||Named or All Perils – Dwelling||Named or All Perils – Contents|
|HO1 Basic Form||Single-family||Named||Named when included|
|HO2 Broad Form||Single-family||Named||Named|
|HO3 Special Form||Single-family||All||Named|
|HO4 Tenant's Form||Rental dwelling - all types||Not Included||Named|
|HO5 Comprehensive Form||Single-family||All||All|
|HO6 Condominium Form||Condo, Townhome||All – internal structure only||Named|
|HO7 Mobile Home Form||Mobile and manufactured homes||All||Named|
|HO8 Older Home Form||Single-family older/historic homes||All||Named|
|DP Dwelling Fire||Single-family, rental dwelling, seasonal, vacant||Named||Named|
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This type of coverage will give you basic protection if you do not have another choice, but as soon as you get some renovation work done, you will want to shop around.
What process do we use to select the best insurance for older homes?
We approached selecting the best older home insurance companies with specific ideas in mind, taking into account various situations. That means not every recommendation will be the right choice for every home, but there will be at least one recommendation to suit every home.
We looked for companies with a strong reputation, particularly in higher value and historic homes. Because those claims can be costly, the insurance company’s ability to pay and its reputation for paying is essential.
Of course, our picks for the best homeowners insurance for older homes of lesser value also stand up to the scrutiny of their reputation.
This table shows you the A.M. Best and Better Business Bureau (BBB) ratings of the top ten home insurance companies.
|Insurance Company||AM Best||BBB|
|Farmers Insurance Group||A||A+|
|American Family Insurance||A||A|
|Chubb Ltd Group||A++||A+|
|Erie Insurance Group||A+||A+|
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All of our choices provide replacement cost coverage to make sure your home is rebuilt properly after a claim, as well as provide discounts for making upgrades to your home.
Update an older home to get the best old house quotes as you complete the renovation process; this includes updating the wiring and plumbing.
What are some top recommendations for home insurance companies for older homes?
These top three picks include some of the best insurance companies for older homes. Though these companies are not among the most affordable home insurance companies, they provide home insurance options for every older home—from that beautifully renovated Victorian to a WWI fixer-upper.
Chubb insurance is known for insuring higher-value homes, including historic homes, making Chubb insurance one of the best high-end home insurance companies for older homes.
Chubb is the company to call if you have a higher-value historic home, especially one restored using original materials. It is a partner company to the National Trust for Historic Preservation, so it has the seal of approval from the experts.
If you are looking for cheap home insurance for your older home, Chubb policies may not fit the bill. However, this company’s home insurance policies for older properties are of the highest quality, with above-and-beyond coverage that includes replacement cost, loss of use, and more.
The company is also an enormous multinational corporation and has the financial backing and a solid reputation for handling your historic home. Read our Chubb Insurance review for more information about the company.
State Farm Insurance offers homeowners insurance for 100-year-old houses that have been properly maintained. If you need a standard homeowner’s policy for a fairly basic older home that has been kept in good condition, State Farm is a great choice to consider.
State Farm is the second-largest home insurance company in the country, with a comprehensive homeowner’s program and a wide spectrum of options.
State Farm reviews show the company always rates highly for customer service and has the financial strength to cover its customers’ needs in offering affordable older home insurance.
Foremost Insurance makes our list as a pick for those who have an older home that does not qualify for standard insurance. Its specialty homeowner’s insurance does not force you to cut coverage.
Rather, it offers the options of extended replacement cost and actual cash value along with a long list of additional options. These all give you a policy just as comprehensive as a standard package with any other company.
Foremost Insurance is owned by Farmers Insurance Group, one of the country’s biggest insurance groups, and is big enough to give you peace of mind.
You can also get multi-policy discounts not just with other Foremost policies, but with Farmers products as well. Our Foremost Insurance review goes into greater detail.
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Should you shop around for older home insurance?
Many older homes can be insured on a regular homeowner’s policy, but before you assume you’re in good shape, make sure to look at the details of the policy.
When you’re looking to buy the best older home insurance, it’s best to shop around.
When shopping for your new coverage, make sure to check for the coverage that is a must. As mentioned above, that means replacement cost coverage and the option to add extended coverage like water and sewer backup.
Be prepared to shop for the best home insurance for old houses by having a thorough inspection done of the home.
This way, you will be armed with the answers to all the questions the insurance company will have regarding what’s been renovated and the condition of things like the roof, wiring, plumbing, and any original appliances.
One of the best ways to make sure you’re getting affordable coverage is to compare insurance quotes for an older home. Make sure you are always comparing an apples-to-apples quote. The rates for a named perils policy versus an all-perils policy, for example, are not a fair comparison.
Keep those differences in mind when looking at your options from various companies. Sometimes they will quote you named perils or actual cash value just to make the rate lower, but it does not benefit you in the end.
What are some tips for saving money on home insurance for an older home?
If you live in an older home or are planning to buy one, you know your insurance costs will probably be higher than if you were to purchase a newer home. So what can you do? Are there ways you can save money on home insurance for older homes?
Shopping around and comparing quotes is one of the best ways to save money on insurance for older homes. You can take a few other steps to lower your rates, including keeping your home maintenance up-to-date. Regular maintenance lowers the risk of major repairs.
You can select a higher deductible to lower your rates as well. The higher your deductible, the lower your rates may be, though it’s important to make sure you can cover the out-of-pocket cost of whatever deductible you choose.
Bundling your home insurance with other coverage like car, boat, and any other insurance you have can lower your rates for all of your policies.
Best Home Insurance For Older Homes: The Bottom Line
Older homes offer that favorite of all descriptors: character, but it comes with some extra insurance concerns. Make sure you have investigated what type of insurance you will need and what that bill will look like before you start making offers on the older home of your dreams. The cost and difficulty can come as a surprise otherwise.
Frequently Asked Questions: Best Home Insurance for Older Homes
Here are a few frequently asked questions about homeowner’s insurance for older homes.
#1 – Is homeowners insurance for old homes more expensive?
Are older homes more expensive to insure? Is homeowners insurance higher on older homes? Yes, usually, but it depends on the home. Typically, older homes are more expensive to insure than newer homes.
With a modified replacement cost insurance policy, coverage is far more comprehensive, but it’s also more expensive. This plan is worth considering if you have a higher-value historic home that has undergone restoration.
#2 – What does a homeowner typically insure for the house?
Typically, homeowners insurance covers damages to your home, the property on which your home is located, as well as some of your valuable items within (but not attached to) your home.
If you’re looking to buy cheap home insurance, you’ll probably end up with a basic coverage plan, so it’s best to shop around to find which company fits your needs.
#3 – Is home insurance cheaper on a new home?
Yes. Most home insurance companies offer some of the best property insurance rates for purchasing home insurance on a new home.
#4 – Can I get homeowner’s insurance without an inspection?
No. Companies providing the best homeowners insurance for older homes (and homes in general) will require an inspection before agreeing on coverage rates.
With so much risk for hazards, home insurance companies will need to know if insuring an older home will do more harm than good from the coverage and risk perspectives.
#5 – Who should be listed on homeowner’s insurance?
To purchase homeowners insurance, companies require the name of the policyholder to be listed. Additionally, the policyholder should be currently living in the home being insured.
#6 – What is the cheapest home insurance company?
Finding the best and the cheapest house insurance company may be difficult, as the best coverage for your specific home will be more expensive. Similarly, the cheapest home insurance company may provide the minimum coverage, leaving you paying more in the event of an accident.
#7 – What is the best homeowners insurance in my state?
Not all companies operate in every state, so the best home insurance for older homes in Florida will differ from, say, New Jersey. State Farm, Chubb, and Foremost Insurance are among the best home insurance companies in New Jersey.
They also offer some of the best, though not the cheapest home insurance, in Massachusetts. State Farm, Chubb, and Foremost are options for Florida homeowners insurance for older homes as well.
Now that you know more about the best old house insurance, are you ready to compare the best older home insurance rates? Enter your ZIP into our free online tool to find the best homeowners insurance for old homes in your area.