Amityville, NY, and its surroundings are home to many older houses. If you’ve considered buying one, you may find that some insurance carriers won’t provide you with a policy. This is because older homes have inherent risks that new constructions or buildings less than 10 years old don’t have. Finding an affordable policy may require some additional effort. However, Acme Insurance Brokerage works with several reputable providers to insure your older home.

Factors Affecting Insurance for Older Homes

Purchasing your unique home may be a dream come true for you, but some insurance companies shy away from protecting them. That’s because replacing structures and systems that are decades or even over 100 years old can be more expensive. In addition, rebuilding an older home is more costly, particularly if the building isn’t up to code or if some materials are difficult to find. Insurance costs generally rise when a home is 40 years or older.

Several common factors affect the cost of policies for older homes. These include:

• Roofing age and materials
• Old electrical wires pose a fire hazard
• Outdated plumbing and sewer lines
• Outdated construction techniques

How You Can Insure Your Vintage Residence

Some insurers will allow you to supplement a standard HO-3 homeowner’s policy with special coverage for your home’s age. Be aware, though, that if your home is exceptionally old, you may not qualify for an HO-3 policy. In these cases, you must find a provider that will issue an HO-8 policy. If your older home is in excellent condition, an HO-8 policy may be less expensive than an HO-3. You should remember that water damage is usually not included in the list of HO-8-covered perils.

Learn how Acme Insurance Brokerage, serving residents of Amityville, NY, can help you save money on coverage for your older home. Contact our representatives today.