Tom's Blog
Issues Frequently Associated with Insuring Older Homes
Finding your dream home might mean visiting many properties to find the one that best fits your personality and taste. After all, this may be your biggest investment yet. If you’re drawn to the charm of older homes, you’ll need to consider certain factors when looking for homeowners insurance. While insurance for older homes isn’t always more expensive, some common issues may lead to higher N.C. insurance rates.
Key Issues to Address Before Insuring an Older Home
Outdated Plumbing – Galvanized steel pipes, often found in older homes, can lead to issues such as flooding and leaking. These pipes are prone to rust and deterioration, so they may require updating to avoid future problems.
Faulty or Dated Electrical Wiring – Aging or faulty electrical wiring is a common cause of fire in older homes, making it essential to inspect wiring thoroughly before seeking N.C. homeowners insurance. Some older homes have knob-and-tube wiring, which many insurers refuse to cover. If the home has fuses instead of circuit breakers, replacing them may be necessary to find an insurer willing to provide coverage.
Aged Roofing – Before insuring an older home, arrange for a roofing specialist to inspect the roof for potential issues that could lead to costly repairs or losses.
Older Appliances – Many older homes still contain outdated appliances that may need replacement to secure the best insurance rate. While wood-burning stoves add charm, they can increase fire risk in the home.
If you’re in the market to buy or sell an older home (typically 25 years or older), contact your local N.C. independent insurance agent with any questions. The charm of buying an older home is understandable, but it’s crucial to be aware of the potential insurance issues that may come with it. Reach out to Paramount Insurance Agency at 336-869-3335 for all your N.C. homeowners insurance needs.
