Vintage homes are undeniably charming, but prospective buyers need to be aware that older homes often cost the most to insure. This is because they tend to carry an increased risk of damage and entail greater repair and maintenance costs. Here are five factors that may affect your home insurance premium if you’re purchasing an older house.
1. Piping material Many older homes have galvanized steel piping. This material usually starts to rust after 40 to 50 years, and rusty pipes can rupture and cause flooding and water damage in your home. When buying an older home, make sure to get information about the plumbing materials (type, age and condition). If it has old galvanized steel piping, you’ll want to factor in the extra insurance or replacement costs. 2. Electrical service Homes built prior to 1950 often have 60-amp electrical service, whereas more modern homes have 100-amp service. A 60-amp service system carries a higher risk of overheating and sparking an electrical fire. If you don’t change over to a 100-amp system, you’ll have to pay higher insurance premiums. Moreover, some insurance providers will require that you have a switching device, which only allows one major appliance to be used at a time. 3. Wiring system Many older homes have an outdated wiring system known as knob and tube wiring. This places your home at a higher risk for an electrical fire igniting and consequently increases insurance rates. 4. Wood-burning stoves Quaint and cosy as they are, wood-burning stoves can be a fire hazard. Insurance providers may require that your stove be inspected by a certified technician before selling you a policy. Moreover, you may have to get your stove inspected and cleaned annually. 5. Age of roof When buying an older home, it’s important to get information on the age and condition of the roof. Most insurance providers prefer that roofs be no older than 20 years of age and may only pay for a fraction of the replacement cost when an older roof is damaged. Home insurance in Nova Scotia If you’re looking for the best deal on home insurance, count on the team at Eisenhauer Insurance. Our experienced brokers offer expert insurance advice and use our industry connections to help you get the most affordable home insurance. For a free quote, contact us today.