Buying Insurance for Older Homes

Older homes have years of memories packed inside. These special places often have special insurance considerations as well. The team at Salt Lake City Insurance gets a lot of questions about buying insurance for older homes, so we’re dedicating this entire post to some things you should know on the topic.

The roof

Did you know most roofs need to be replaced approximately every 20-25 years? If your roof hasn’t been updated within a certain period of time, damage claims resulting from the roof are usually denied.

If you’re buying an older home, be sure to find out when (if ever) the roof was replaced. If the roof has never been replaced, you can expect to pay more for home insurance because the risk of water damage is much higher.

If you already own an older home and you know the roof could stand to be upgraded, it’s time to consider doing this before any damage occurs, if it hasn’t already. Be on the lookout for things like loose tiles, sunken patches, or openings in your roof  — all of these can be a sign that it’s time to replace your roof.

The plumbing

Let’s say a home is 50 to 100 years old and the plumbing has never been updated. In this case, you can expect to pay higher insurance premiums. Outdated plumbing has a high risk of things like burst pipes and water damage, which is one reason homeowners pay more to insure an older home.

The electrical system

An older home with modern electricity demands is going to have a hard time keeping up! Homes from 50 or 100 years ago weren’t built with providing electricity for things like microwaves or air conditioners in mind.

If you demand too much of an outdated electric system, an electrical failure, including a fire, is more likely to happen. Because of this, older homes equally old electrical systems are riskier to insure, meaning insurance policies will cost more.

There are plenty of good reasons to buy an older home! They tend to be full of charm, spacious rooms, and unique features. Just be sure to do your research into insuring this property before you go ahead with buying it.