“Why is Old Home Insurance Massachusetts is expensive?” “Can I get old home insurance cheap?” “Does age of house affect insurance?” “Is homeowners insurance higher for older homes?” “How long to keep old home insurance policies?”
As an insurance agentinWorcester County, these are some of the questions I get when it comes to dealing with insurance on older homes. It’s true that the further west you go in Mass, the more home you can buy for your money. You’ve finally found a house you can afford, it needs some updates but everything looks good, now for the insurance. You find out the homeowners insurance for 100 year old house policies is much more than you’ve budged for. That’s OK, call us now and we can help 1-774-847-7746. We have several homeowners companies that offer preferred rates on homes over 100 years old.
Insuring an old home in the state of Massachusetts can become difficult and costly venture if you don’t know what you’re getting yourself into.
If you are a first-time homebuyer or you’re thinking about buying an older home in Mass there are some maintenance and insurance considerations that you must know about. Some homes are so old (Historic) they’re required to be registered with the Massachusetts Historical Commission.
READ MORE: Pros and Cons to Owning a Historic Home
Home Insurance for Older Properties
Home insurance quotes can come back VERY HIGH on older homes so that’s why it’s important to make sure you have the right carrier
Here are some of the reasons you’re going to experience high home insurance quotes in MA.
Large square footage
Outdated electrical wiring
Plumbing needs updates
Old or roof or roofing materials
Older or faulty appliances like wood-burning stoves
Out of date heating systems
These are just a few reasons companies don’t want to take a chance on older homes. When it comes to the homeowner’s insurance companies, they often have high internal cost estimators for these homes. They tell us it’s due to how hard it is to find the materials as well as the factors listed above.
This leads to high Coverage A (Dwelling A) which is the main driver of price on your homeowner’s insurance policy. I once had a multi-family selling in Springfield, MA for $200k but it needed over $1,000,000 coverage to rebuild. The homeowner’s insurance was over $5,000 a year!
Many companies simply won’t write a home if it’s over 100 years old. If they do, they’re looking for proof of updates for the roof, heating and electrical.
The problem with a lot of older homes is they are poorly maintained and insureds often “file home insurance claims” to “Fix Their House“. Remember, if they pay, you pay….over time (5 years).
Filing a Claim Can Raise Massachusetts Home Insurance Rates By About 20% Typically, filing a single home insurance claim will raise your premiums up to 50% as you lose your claim-free discount.
These are the main insurance price drivers in Massachusetts: High weather-related claims and poorly maintained properties.
The Best Massachusetts Homeowners Insurance for Older Homes 2019
Which insurance company will be the best for your older Massachusetts home? We will review your current home insurance and offer you an alternative to rising home insurance premiums in Massachusetts.
In fact, most home insurance policies have that 4% “Inflation Guard” component which increasing your billable premium each year. Most homeowners don’t notice the increase because they escrow insurance payments.
Premier Shield Insurance has many of the best homeowners insurance. We do the leg work to help find the best Massachusetts home insurance for your older home.
Price isn’t everything, we want to make sure you have the proper coverage on your home and we’ll be sure to review your current policy to find any gaps in coverage.
Finding Affordable Homeowners Insurance for Older Homes
The solution to finding an affordable older home insurance policy is simple. Call one of our experienced home insurance agents. Premier Shield Insurance agents are experts when it comes to insuring older homes in Massachusetts.
We have helped insure hundreds of homeowners just like you find great coverage at an affordable price.
Request an Old Home Insurance Quote by Calling 774-847-7746