Statistics show that North Carolina residents often pay higher home insurance premiums than the national average, with recent hurricanes contributing to the increase. While newer homes are easier to rebuild, older homes are more vulnerable to damage. If you own an older home, it’s essential to have insurance that protects it from natural disasters and other incidents. The agents at Allen Insurance Agency discuss whether home insurance is available for older houses.
Will Home Insurance Cover Old Homes in Ramseur, NC?
Outdated systems, discontinued materials, frequent maintenance needs, and weakened structures make older homes riskier for insurance companies to cover. Fortunately, there are home insurance plans available for older houses. Most providers categorize old houses as being 30 to 50 years old or older, with 40 years being the average benchmark. However, premiums for older homes are typically more expensive than those for newer homes.
A home insurance policy with HO-8 modifications is designed explicitly for historic homes and houses that are 40 years old or older. It includes coverage for the structure, liability, and personal property. Additional riders may consist of dwelling protection, water backup, service line coverage, and ordinance/law/building code coverage. Older homes may also qualify for HO-1 home insurance, which offers minimal coverage. For historic homes, high-value home insurance is another option to consider.
Can Standard Homeowner’s Insurance Cover Old Homes in Ramseur, NC?
Most standard home insurance policies offer HO-3 coverage. Homes that are less than 40 years old, regardless of their age, have a better chance of qualifying for this type of policy. Depending on the insurance carrier, homes over 40 years old may also be eligible for HO-3 coverage. If your home doesn’t qualify for HO-3, HO-8 coverage is a reliable alternative.
At Allen Insurance Agency, we believe every home in the Ramseur area deserves protection from uncontrollable incidents. Our partner carriers offer home insurance plans tailored to meet the unique needs of aging homes at reasonable prices. Contact us today for more information on home insurance for older houses.
