Policy for a Historic House

[Coloradoskier]

Hi All, I have been in the insurance business for only 8 months. I have a client who will be buying a historic house. I have written policies for "regular" house, but never a historic house. My question is: Is a policy for a historic house very different from a regular one? Should I attach lots of endorsements to the policy? What aspects should I be careful about, dealing with a historic home policy? I am learning a lot from you guys. Thank you so much in advance.

 

[hesse]

Do you mean its an old home ie plaster or its listed on the historic registry?

 

[Coloradoskier]

Yes, it is listed on the historic register. I have never dealt with this kind of house. Your advice totally appreciated!!!

 

[PhilL]

Yes, it is listed on the historic register. I have never dealt with this kind of house. Your advice totally appreciated!!!

You will find plenty of educational pieces on the internet, for insuring homes that are on historical list. There are general type checklists that will help you become knowledgeable about the coverage issues, like replacement cost.

You might also check the websites for Chubb, Fireman's Fund and some of the other higher-value home insurers out there.

 

[AZDave]

You may find some useful information in this IRMI article;

https://www.irmi.com/online/newslet...+Compensation+Theory+(320531727)&utm_content=

 

[tpowell138]

Do not get any policy with ACV value. Only seek a Replacement Cost policy.
ACV on a historic house is basically a worthless policy and the carrier is profiting big time.