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Finding the right insurance within your budget can be difficult if you have an older home. Read this review to learn about the top insurers to protect your old home.
Homeowners Insurance For Historic Properties
Older homes tend to have a nice, historic look and often have a lower purchase price, which can appeal to many home buyers. However, they may also have outdated plumbing systems or need upgrades to meet current fire and building codes. In the opinion of many insurance companies, older homes are more vulnerable, and therefore, more expensive to insure.
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The Guides Home team has spent hundreds of hours researching insurance carriers and analyzing thousands of reviews from existing customers to determine which ones offer the best home insurance coverage across the United States and for older homes. Read on to learn about our recommended providers and a few things you should know about insuring your old home.
According to the Insurance Information Institute’s (Triple-I) latest report, the average cost of homeowners insurance in the U.S. in 2022 they were $1,544. However, homeowners insurance prices vary based on location, square footage and other factors, including additional costs for older homes. To find your best estimate, use our free tool below.
After extensive research, we found the following to be the best insurance providers for homeowners with older homes:
With more than 45,000 employees worldwide, Liberty Mutual is one of the largest insurance companies in the world. In fact, Liberty Mutual is the third largest U.S. home insurer. based on market share. It helps homeowners of older homes with customizable policies that can come with a number of discounts and endorsements based on your needs.
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+ May provide you with earthquake and flood protection as a guarantee, depending on your situation + Covers the actual amount of loss in your loss of use claim, rather than a certain limit like many of your competitors + Offers online chat during the quote process to help answer your questions about the insulation needed for your old home
– Usually requires homeowners to provide their Social Security number when getting a quote online – Has an extensive online quoting process that asks for detailed information about your home, such as the type of electrical equipment used and the number of shingle layers on the roof.
Discounts: Liberty Mutual’s wide range of discounts commonly available to homeowners include discounts for getting out without claims, getting a quote before your current policy expires, recently buying your home, recently renovating your home, re-roofing, and combining with other policies. , insuring your home for 100% of its appraised value, getting an online discount, stopping automatic payments, installing security devices, having a college degree, having a community service job and working for certain partner companies.
Since old home insurance can be more expensive than new homes, looking for ways to save can be an important part of your purchase. We recommend Liberty Mutual to those looking for discounts as they often offer more than most of their competitors. Depending on where you live, it may give you discounts for your work and educational history.
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However, the comprehensive quote process can be complicated if you don’t have a lot of knowledge about your old home.
Allstate is one of the most popular insurance carriers, serving U.S. citizens. for auto insurance, home insurance and more. It is a reliable provider with a strong reputation among customers, as evidenced by a higher than average J.D. customer satisfaction rating. Power and financial strength rating from AM Best. It is currently the second largest U.S. home insurer. based on market share.
+ Includes a 10% discount on your premium if you’re over 55 and retired + Includes a GoodHome tool on its website to help identify potential risks in your area + Offers a Claim RateGuard add-on to keep your premium from rising of the application
– Online quotes may not be available, depending on where you live – May require higher premiums than many competitors, based on the many samples we received.
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Discounts: When we privately purchased an Allstate policy for an older home, we were offered discounts on security devices, such as storm shutters, home security sensors, waterproofing systems, backup generators and fire alarms. You can also get a discount for shopping before your current policy expires, combining car insurance, signing up for automatic payments and having a claim-free history.
Allstate scored highly in our in-depth review of dozens of home insurance companies. The company stood out for its comprehensive coverage, accessible customer service through local agents and great discounts to help older homeowners save on their premiums.
However, Allstate offers a few more coverage options than other competitors. Its policies are also often not customizable, so they may not be a good fit for homeowners who want to fine-tune their coverage based on specific needs.
American Family is one of the leading home insurance companies for insuring older homes. It has been around since 1927, and has built an extensive network of local special agents in the states where it helps to set up homeowners with policies and stay connected throughout the consolidation period.
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+ Has a high J.D. customer satisfaction rating. Power in this review + Provides a quick cost estimate tool for those looking for average prices before getting a detailed quote + Includes a few extras to its standard policy that is often issued, such as mold coverage and building code coverage
Discounts: American Family often offers discounts on home insurance policies to older homeowners who bundle it with auto insurance or another insurance product. Other discounts are available for having a newly renovated home, signing up for automatic billing, being an American Family customer for more than a year and having parents with an active policy with the company.
Coverage: American Family only covers homes in the following states, Arizona, Colorado, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Nebraska, Nevada, North Dakota, Ohio, Oregon, South Dakota, Utah, Washington, and Wisconsin .
American Family’s online resources are extensive – from a homebuying closing cost calculator and a first-time homebuyer’s guide to a home inventory tool and the handy MyAmFam policy management app. American Family aims to keep homeowners informed, making it an excellent choice for homeowners interested in learning more about their insurance.
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As one of the oldest insurance companies in the business, operating since 1864, Travelers is another top home insurance provider for older homes. It has been recognized for its sustainable financial strength and scored very well in our review.
+ Offers more deductible options to choose from during your quote compared to other providers, based on sample quotes we received + Has greater financial strength compared to competitors in this review + Has more experience than all other providers in this review.
– Has low J.D. Power customer satisfaction scores in this review – Does not insure older cell phones or manufactured homes
Discounts: You can save on your policy and travelers when you combine your home insurance with other company policies, insure your home within 12 months of purchase, have a no-claims history, have a green home certified by the Leadership Energy and Environmental Design (LEED) organization and have safety devices, such as detectors smoke detectors, sprinklers and home security systems.
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Travelers differentiates itself from the competition by offering attractive Discounted Discounts that can help you save on out-of-pocket costs. When you add it to your policy, you’ll automatically be given a $100 credit toward your deductible and get an additional $100 every year you renew your policy, lowering your deductible as low as $0.
Although this loan makes Travelers a top choice for homeowners who want to save when they need to file a claim, the company is not a good fit for those with an old cell phone or a built-up home because they don’t offer help.
Since 2015, Lemonade has grown and expanded into many insurance areas, such as pet insurance, term insurance, renters insurance and home insurance. It provides an accurate home insurance quote and enrollment process with customized coverage limits to help you choose a policy that fits your needs and budget.
+ Donates up to 40% of the policyholder’s premiums to a charity of their choice each year + Offers cumulative discounts when purchasing a Lemonade pet insurance policy + Offers a swimming credit add-on
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– Available in only 23 states – Collects users’ biometric data, requires them to submit a video description during each claim.
Discounts: When you sign up for your Lemonade policy on your old home, you can get discounts for having fire, burglar and waterproof systems in your home, living in a gated community or having a recently replaced roof.
Although Lemonade is the newest company in this review, it is our top recommendation for homeowners looking for a quick and easy application process. You can file your claim on its mobile app without talking to him
