Your property's age has a big influence on your homeowner's insurance. In fact, you might have a hard time buying coverage if your home is extremely old.

The Problem

Old homes are more likely to experience damage, and hence, trigger insurance claims than relatively newer homes. Some old homes are also expensive to repair after damage. Below are some of the specific reasons for these problems.

Expensive Construction

Some old homes were constructed with materials that were common when the homes were built, but the materials are now rare. Some also feature architectural styles that many contractors can't replicate today. Such issues increase the reconstruction or restoration of these old homes.

Outdated Systems

Many old homes have outdated systems that might be both dangerous and near the end of their useful lives. Old plumbing systems can burst and leak, old electrical wiring can trigger an electrical fire, and old heating systems can overheat.

Maintenance Issues

A home that has face neglect for decades is more dangerous than a home that has faced neglect for a decade or less. The maintenance issues accumulate and increase the risk of property damage with each passing year. For example, a neglected roof can leak or get blown off by the wind.

Aging

Even if your aging roof has been properly maintained over the years, it might still not be as structurally sound as newer homes. This is because all building materials age over time; and the age-related deterioration increases the risk of damage.

The Remedies

Despite the above problems, there are measures you can take to insure your old home without breaking the bank. Here are some of the measures.

Maintain the Property

Do your best to inspect and maintain your property regularly to reduce the risk of damage. Keep records that you can show to your prospective insurance carrier as proof of maintenance.

Update the Necessary Things

As previously mentioned, some things deteriorate with age even if you maintain them properly. Update such things to make them safe. For example, depending on how old your home is, you may need to replace the heating system and renovate the electrician wiring.

Shop for Coverage

Home insurance companies treat old homes differently. One company may be more concerned with old wiring while another is more concerned about the aging roof. Shopping for coverage exposes you to carriers who are not that concerned with the small problems your home might have.

Hopefully, you will be able to get affordable coverage for your old home. Consider looking for specialty coverage from homeowner's insurance companies that specialize in old homes if you run into difficulties with the standard insurers.