Insuring a Historical Home

What are the differences between insuring a historical home and a new home? Daniel Carinici Agency LLC of Pittsburgh, PA wants you to understand the differences between the two and the type of homeowners’ insurance they receive. Homeowners’ insurance differs depending on the type of structure and the credit history of the individual purchasing the insurance.

When you insure a historical home, you can’t do so with a standard home insurance policy. An HO-3, or standard policy, provides coverage for newer homes only. When you purchase a historical home, your home insurance will be an HO-8 policy. That policy type caters to older homes.

Your insurance agent will typically examine your home with a contractor to ensure it meets the building code. This examination documents the home’s condition before issuing a policy. The process saves the insurance agency from having claims filed for items like fires caused by faulty wiring or flooding caused by worn, burst pipes.

Home insurance policies that cover historical homes don’t cover the same items as an HO-3 policy. An HO-8 combines the coverage of a dwelling policy (HO-1) with liability, personal property, medical payments, and additional living expenses. A dwelling policy only covers the physical structure of the home and its attached structures, like a garage or porch. Another difference is that it only covers 10 named perils, while a standard policy covers all perils, providing what is called open-peril coverage.

When you know the differences upfront, you can make an informed buying decision and add coverage to your HO-8 policy to best protect your historical home. Contact Daniel Carinici Agency LLC of Pittsburgh, PA today to learn more about how homeowners’ insurance protects your home.