Finding the house of your dreams may mean visiting many homes that are on the market to find the one that best fits your personality and suits your taste; after all, it may be your biggest investment yet. If you tend to prefer the charm of older homes, you need to consider some factors when looking for homeowners insurance. While homeowners insurance for older homes may not be more expensive, some issues that are frequently associated with insuring older homes may result in higher N.C. insurance rates.
Below Are Some Issues to Address Before Insuring an Older Home, but Not Limited to:
Out of Date Plumbing- Galvanized steel pipes are prevalent in older homes and can create a host of issues such as flooding and leaking. These steel pipes are prone to rust and deteriorate.
Faulty or Dated Electrical Wiring- Faulty or aged electrical wiring are common causes of fire damages in older homes and should be thoroughly inspected before seeking N.C homeowners insurance protection. Some older homes have knob-and-tube wiring and many insurers will refuse to insure these homes. If the house you are seeking to own or sell has fuses instead of circuit breakers, you may want to consider having that replaced or you may have a difficult time finding an insurance company willing to insure that particular older home.
Aged Roofing- Before you attempt to insure any older home, you need to have a roofing specialist perform an inspection of the roof to unveil any potential issues that could lead to losses.
Older Appliances- Many older homes still have older appliances that may need to be replaced in order to get the best insurance rate. Wood burning ovens are charming, but can increase the risks of fire in the home.
If you are in the market to buy or sell an older home (a home that is 25 years or older), you should always contact your local N.C. independent insurance agent with any of your questions. The allure of buying an older home is understandable but you need to be aware of the potential issues in insuring that charming home. Feel free to contact us at Twin City Insurance at 828-464-2643 for all your N.C. homeowners insurance needs.