Heritage House
Older or heritage homes
Older or heritage homes usually have a number of areas of concern for insurance companies.
- How old is the roof? Very few insurance companies will take on a new piece of business if the home has not had the roof updated within the past 20 years.
- A heritage home will also draw attention if it has a wood heat system. Some insurers are asking that not only should the stoves have an approved label, but that a professional also installs them.
- Is there an oil tank? How old is it? Indoor, outdoor or underground? This may require an immediate replacement not only to meet the insurance requirements, but also to have a certified tank that the local fuel oil dealer will agree to service.
- Plumbing and heating can also be of concern. If galvanised pipe is used inside a house, most companies will require that it be replaced. Does the heating system meet current standards, and how old is it?
- What is the state of the electrical wiring and panels? Most companies won't insure homes with less than 60-amp service. Insurance companies also have concerns with aluminium or knob and tube wiring.
- If the home is rural, insurance companies will also want to know about septic and well installations.
Whatever the issue, insurance coverage is almost always available. If you have had insurance and are renewing policies, you will not likely be declined coverage. First time buyers may have to go temporarily with a speciality market insurance provider, where premiums are higher.
An older home, or a heritage property, may require additional time to arrange for the required insurance. Begin shopping for insurance as soon as possible after your offer is accepted, or request a conditional offer that provides for approved insurance coverage.
Source: CREA
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This file last modified Thursday, 27-Dec-2007 16:53:52 CST
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