There are plenty of costs involved with owning a house, and homeowners insurance is one of the biggest no-brainers. When it comes to price differences, what can you expect for a new home versus an old home, and what’s the best way to get coverage for your old home?
Premiums and Age—Why the Increase?
Like life insurance, things just cost more as you get older. The older the thing you’re insuring, the more you’ll pay. For homeowners insurance on a brand new house versus an old house, you may pay up to 45% more with your monthly premium.
That’s a large percentage, but here’s a better picture—in general, it could end up being $500 to $700 more in total for each year to insure your older home.
There are plenty of reasons why this price difference exists. It’s often a necessary difference because, as the higher price indicates, you’re more likely to need the coverage than with a new home.
As homes age, things change, including the structure of the house and the items inside. For instance, you’re more likely to experience a leaky roof in a 30-year-old home than you would in a brand new one. Pipes are more likely to burst, and damage in any form is more likely to occur.
That also means your belongings and appliances inside the house are more likely to be damaged as well. The pieces and parts needed to make repairs may be harder to find and, therefore, more expensive.
There are plenty of other factors that can influence your home insurance cost. Just be sure to keep in mind the age of your home when considering purchasing a policy.
How to Find the Right Insurance for Your Old Home
The best way to find homeowners insurance for your house, regardless of its age, is to look. You need to compare various options to ensure you’re getting the best coverage for the best price.
More specific to older homes, if you want to lower your premium costs, start some renovations. Get a new roof, swap out old windows, fix your electrical system, etc. You should receive discounts on your coverage regardless of the age of your home.
Helping You and Your Home—Call All Things Insurance
We’re All Things Insurance, and we care about you and your home. We’ll compare homeowners insurance policies for you, helping you get the best price. To learn more, call us at (763) 645-5450.