Home Insurance Tips For Older Homes
September 17th, 2009
People with older homes might be discouraged after getting a free home insurance quote to find out that they are paying a price for having an older home.
While it might seem unfair, it’s a reality in the insurance industry – older homes carry a higher premium than new homes.
The reason is simple: older homes are a greater risk for insurers than newer homes. The risk of insurance for a home increases when you factor in the problems associated with older homes, such as faulty wiring, asbestos and lead paint.
Homeowners with older homes can benefit by putting in the work to improve their homes (such as repainting, rewiring and removing any toxic mold) and having that work documented before getting home insurance quotes. This will make your older house much less of a risk and should save you significant money on your insurance.
Photo © paul goyette
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