Best Home Insurance for Older Homes (2024)

What policy should owners of older homes consider? How do you find the best home insurance for older homes? Fortunately, many companies have made it easy to find the best old home insurance by creating specific older home insurance policies.

There is no reason you should have to compromise on coverage or value when choosing homeowners insurance for older homes. The best home insurance for older homes can be found at big-name companies.

Older homes can be difficult and sometimes expensive to insure. This is because they present a risk due to older plumbing and electrical and the general aging of the building materials. One way to save is to compare home insurance rates.

This review will offer you a better understanding of insuring your older home and provide a quick summary of a few of the best home insurance providers for older homes.

Compare the best older home insurance quotes right now. Enter your ZIP code into our free online tool to buy home insurance for older homes in your area.

What are the basics you need to know about home insurance for older homes?

When it comes to insuring an older home, home insurance companies have lots of concerns. Several factors may affect rates for older homes and even the home’s insurability under a standard policy.

Old homes usually have dated wiring, plumbing, and roofs, which present a higher risk of damage.

Other issues that can cause you to run into difficulty getting insurance are unusual building materials and original appliances or wood stoves. While those last items add charm to your home, the homeowners insurance company sees an expensive claim.

These expenses increase with the age of the home. For example, a homeowners policy for a house over 100 years old will be higher than for a home that’s 50 years old.

Home insurance rates for older homes will often be higher than for new construction, which will only worsen the older the home is. You can compare home insurance costs by looking at new home build insurance. So how much does home insurance cost for older homes? Keep reading for more.

Read more: Best Home Insurance for New Home Builds

What is the average cost of homeowners insurance for older homes?

The average cost of a homeowners insurance policy for new construction is $889 per year. The average premium for a home that is 30 years old is $1,432. As you can see, the cost of homeowners insurance increases quickly with the age of the home.

Expect homeowners insurance rates for a 100-year-old house to be well above the average, in some cases double. In addition, if your older home is in a higher risk area like one of the 10 states with the highest wildfire risk, your rates will be significantly higher.

What policy should owners of older homes consider?

Wondering what kind of homeowners insurance policy covers older homes? Or what coverage options are available for older homes? Older homes need the same basic coverage as any other home; dwelling and other structures, liability, and personal property. The dwelling coverage is often the most difficult area. Take a look at the different types of home insurance policies available to keep an older home fully covered.

Some insurance companies will try to insure an older home on an actual cash value policy. We recommend avoiding this at all costs.

While an old home’s value may be lower due to age, the cost to replace such a home is often higher than expected especially if it has special, ornate features or is built with unusual materials. It’s important to make sure you are insuring your home on a replacement cost basis.

Older homes need extra protection from potential water damage, especially if the plumbing is original. With State Farm, water backup coverage is included under State Farm homeowner’s insurance programs.

Although, for other home insurance companies, water and sewer backup coverage is typically an extra endorsement.

Does homeowners insurance cover mold? Any water damage has the potential to cause mold, so it’s worth looking into mold coverage as well.

The wiring in your home will be a particular sticking point for insurance companies. Some types of wiring are at a high risk of fire, and many insurance companies simply won’t write a policy.

According to ESFi, 33 percent of homes in the United States are over 50 years old, and their dated home electrical systems result in a high frequency of fires. So, updating your older home’s wiring is the best way to open up your insurance options.

You may need to go with a specialty insurance company until that work is completed, but it will be worth it in the end as you’ll get some of the best house insurance rates for your older home.

What are some specifics you need to know for home insurance on older homes?

While most older homes, as long as things have been updated, can qualify for a standard home insurance policy, there are some specific situations where a different policy might be needed.

Historic home insurance policies are designed for a home of a certain age and historical value. These specialty home insurance policies provide replacement cost coverage that will protect the dwelling thoroughly, even with expensive materials and unique features.

Some companies, however, will not provide replacement cost coverage for your older home, especially if its features are hard to replace. In this case, you may need to get a modified replacement cost policy instead.

With this insurance for your house and personal property, your homeowners insurance company will cover the cost of repairs using updated building materials that are as close as possible to the originals. Be sure to research how much home insurance you should buy.

This makes getting home insurance on a fixer-upper more affordable and easy.

Specialty (non-standard) policies for older homes that are lower in value and in need of renovation are also available. These homes often do not qualify for standard homeowners insurance coverage because of their more dated features.

Some of the old house insurance coverage is more limited on these policies. For example, they are often “named perils,” which means you are covered only for those specific risks listed on the policy.

Here’s a look at the different types of home insurance policies that are available to customers. An older home policy may be one of several options.

Types of Home Insurance Policies

Read more: Best Home Insurance for Manufactured Homes

This type of coverage will give you basic protection if you do not have another choice, but as soon as you get some renovation work done, you will want to shop around.

What process do we use to select the best insurance for older homes?

We approached selecting the best older home insurance companies with specific insurance products in mind, taking into account various situations. That means not every recommendation will be the right choice for every home, but there will be at least one recommendation to suit every home.

We looked for companies with a strong reputation, particularly in higher value and historic homes. Because those insurance claims can be costly, the homeowners insurance company’s ability to pay and its reputation for paying claims is essential.

Of course, our picks for the best homeowners insurance carriers for older homes of lesser value also stand up to the scrutiny of their reputation.

This table shows you the A.M. Best and Better Business Bureau (BBB) ratings of the top ten home insurance companies.

Top Ten Home Insurance Company Ratings

Read more: Nationwide Insurance Review & Complaints: Homeowners Insurance

All of our choices provide replacement cost coverage to make sure your home is rebuilt properly after a claim, as well as provide discounts for making upgrades to your home.

Update an older home to get the best old house quotes as you complete the renovation process; this includes updating the wiring and plumbing.

What are some top recommendations for home insurance companies for older homes?

These top three picks include some of the best insurance companies for older homes. Though these companies are not among the most affordable home insurance companies, they provide home insurance options for every older home from that beautifully renovated Victorian to a WWI fixer-upper.

Chubb insurance is known for insuring higher-value homes, including historic homes, making Chubb insurance one of the best high-end home insurance companies for older homes.

Chubb is the company to call if you have a higher-value historic home, especially one restored using original materials. It is a partner company to the National Trust for Historic Preservation, so it has the seal of approval from the experts.

If you are looking for cheap home insurance for your older home, Chubb policies may not fit the bill. However, this company’s home insurance policies for older properties are of the highest quality, with above-and-beyond coverage that includes replacement cost, loss of use, and more.

The company is also an enormous multinational corporation and has the financial backing and a solid reputation for handling your historic home. Read our Chubb Insurance review for more information about the company.

State Farm Insurance offers homeowners insurance for 100-year-old houses that have been properly maintained. If you need a standard homeowners insurance policy for a fairly basic older home that has been kept in good condition, State Farm is a great choice to consider.

State Farm is the second-largest home insurance company in the country, with a comprehensive homeowner’s program and a wide spectrum of options.

State Farm insurance review shows the company always rates highly for customer service and has the financial strength to cover its insurance customers’ needs in offering affordable older home insurance.

Foremost Insurance makes our list as a pick for those who have an older home that does not qualify for standard insurance. Its specialty homeowner’s insurance does not force you to cut coverage.

Rather, it offers the options of extended replacement cost and actual cash value along with a long list of additional coverage options. These all give you a policy just as comprehensive as a standard package with any other company.

Foremost Insurance is owned by Farmers Insurance Group, one of the country’s biggest insurance groups, and is big enough to give you peace of mind.

You can also get multi-policy discounts not just with other Foremost policies, but with Farmers products as well. Our Foremost insurance company review goes into greater detail on insurance discounts and more.

Read more: Heritage Insurance Review & Complaints: Home, Condo, Dwelling Fire & Commercial Insurance

Should you shop around for older home insurance?

Many older homes can be insured with a standard homeowners policy, but before you assume you’re in good shape, make sure to look at the details of the policy so that you understand its limits.

When you’re looking to buy the best older home insurance, it’s best to shop around to ensure you see competitive rates.

When shopping for your new coverage, make sure to check for the coverage that is a must. As mentioned above, that means replacement cost coverage and the option to add extended coverage like water and sewer backup. Other optional coverage may come at an additional cost, but if you have the financial stability to protect one of your biggest investments to that degree, it is worth it.

Be prepared to shop for the best home insurance for old houses by having a thorough inspection done of the home.

This way, you will be armed with the answers to all the questions the insurance company will have regarding what’s been renovated and the condition of things like whether the roof has a leak, wiring, potential outdated plumbing, and any original appliances. If you’re wondering about appliance coverage, see Allstate appliance insurance review.

For more details on roof leak coverage, see does homeowners insurance cover roof leaks?

One of the best ways to make sure you’re getting affordable coverage is to compare home insurance quotes for an older home. Make sure you are always comparing an apples-to-apples quote. For example, the rates for a named perils policy versus an all-perils policy are not a fair comparison.

Keep those differences in mind when looking at your options from various companies. Sometimes they will quote you named perils or actual cash value just to make the rate lower, but it does not benefit you in the end.

What are some tips for saving money on home insurance for an older home?

If you live in an older home or are planning to buy one, you know your insurance costs will probably be higher than if you were to purchase a newer home. So what can you do? Are there ways you can save money on home insurance for older homes?

Shopping around and comparing quotes is one of the best ways to save money on insurance for older homes. The most affordable rates are found when you look at options from multiple providers. You can take a few other steps to lower your homeowners insurance rates, including keeping your home maintenance up-to-date. Regular maintenance lowers the risk of major repairs.

You can select a higher deductible to lower your rates as well. The higher your deductible, the lower your homeowners insurance rates may be, though it’s important to make sure you can cover the out-of-pocket cost of whatever deductible you choose.

Bundling your home insurance with other coverage like car, boat, and any other insurance you have can lower your rates for all of your policies.

Case Studies: Home Insurance for Older Homes – Real-world Scenarios

Case Study 1: The Restoration Project

Mr. Johnson owns a historic home that is over 100 years old. He wanted to ensure that his beloved home was adequately protected, so he searched for the best insurance provider for older homes. Mr. Johnson selected Chubb for insuring his historic property, benefiting from their restoration and renovation coverage for peace of mind.

Case Study 2: Preserving Heritage

The Smith family inherited a charming Victorian house from their ancestors. They wanted to preserve its unique architectural features while ensuring it was adequately insured. They turned to State Farm, which provided specialized coverage for older homes. State Farm’s policy covered water backup and offered mold protection, addressing risks in older properties.

Case Study 3: Renovation and Remodeling

Ms. Rodriguez purchased an older home with the intention of renovating and remodeling it to suit her taste. However, she faced challenges when it came to finding suitable insurance coverage during the renovation process. Foremost Insurance protected Ms. Rodriguez’s investment during home renovations with a specialty policy, providing essential coverage.

Best home insurance for older homes: What’s the bottom line?

Older homes offer that favorite of all descriptors: character, but it comes with some extra insurance concerns. Make sure you have investigated what type of insurance you will need and what that bill will look like before you start making offers on the older home of your dreams. The homeowners insurance cost and difficulty can come as a surprise otherwise.

They also offer some of the best, though not the cheapest home insurance, in Massachusetts. State Farm, Chubb, and Foremost are options for Florida homeowners insurance for older homes as well.

Read more:

• Best Massachusetts Home Insurance
• State Farm Insurance Review & Complaints: Mobile Home

Now that you know more about the best old house insurance, are you ready to compare the best older homeowners insurance rates? Enter your ZIP into our free online tool to find the best homeowners insurance for old homes in your area.