Buying an Older Home? Here’s Some Tips on Keeping Insurance Costs Down.

Older homes are great.  They come with history, charm, their own unique quirks, and sometimes high insurance costs.

How do you keep those insurance costs down?

  • Heating. Make sure your heating system is updated and maintained.  Homes with oil tanks over 25 years of age may be uninsurable, or may have higher insurance costs.
  • Wiring. Many houses that were built before 1950 have knob and tube wiring. These homes are more likely to have fires, so insurance companies are less willing to insure them.
  • Roof. Not only can old roofs look unsightly, they also have a higher risk of water and wind damage. Most insurers prefer that roofs are updated every 20 years.
  • Plumbing. Older homes often have galvanized pipes. Those pipes are prone to rust, which contributes to burst pipes and leaks. Talk to your home inspector to make sure this isn’t an issue in your retro home.

In todays market it can sometime be difficult to insist on a home inspection before closing.  However, in order to make sure the home isn’t at risk for higher insurance risks and cost we recommend having a qualified home inspector look at your home.  It will help keep you and your new (old) home safe.

Insurance Costs