Living in a historic home like a brownstone is a unique experience. When disaster strikes, you want the assurance that your home’s most special features will be protected. Muller Insurance, based in Hoboken, New Jersey, has helped homeowners find the right policies for over 118 years by working with more than 20 leading insurance companies. Here, we provide helpful tips for securing historic house insurance in Hudson County, NJ.
Why Won’t Insurers Cover My Brownstone?
Many insurers will refuse to cover historic homes. This is in part due to the extra expense they present. Older homes face additional complications that make them costly to repair or maintain. These include:
- Old structures: After over a century of deterioration, structural features such as the roof or foundations may be failing and in need of repair.
- Code violations: Outdated methods and materials may not be up to modern code. Violations present a safety risk, making homes ineligible for coverage.
- Restoration requirements: Preservation societies impose strict requirements on work done to historic homes, which may make repairs difficult.
- Expensive materials: Compliance with preservation rules may require using costly materials or techniques that add to the cost of repairs.
Which Companies Insure Historic Homes?
Because protecting historic homes can be tricky, it’s important to start with the right provider. Some insurance companies offer specific types of coverage that are designed for historic homes. In Hudson County, NJ, top options include:
These companies’ policies put appropriate value on the history and one-of-a-kind elements that make your old home special. They may even have trained professionals on staff, who specialize in appraising old homes and will include documentation of unique details in the contract. Not only does this ensure you receive the appropriate payout, but you’ll also face less hassle when negotiating with a company that understands your property and the importance of preservation.
What Is the Difference between Market and Replacement Value?
Many homeowners insure their homes for market value. This means that, in the case of a covered event, the insurance agency will pay up to the house’s current estimated market cost. Should something happen, homeowners are guaranteed to receive the same value they would for selling the home in its pre-damaged condition. This system works well for most modern homes.
When it comes to historic homes, however, this coverage may not be sufficient. Rare materials, ornate detailing, and traditional techniques mean that the cost of repairing a brownstone building may be much more than you paid to purchase it.
Instead of insuring for market value, owners of historic homes should insure for replacement value. This means that the insurance company will pay to repair or replace damaged structures as they were – regardless of resale. The extra coverage may also help you make changes for code compliance if damage demands an update, such as replacing aluminum wires.
What About My Antiques?
If you own a brownstone home, chances are the building isn’t the only thing of historic value. Whether the home came with period furnishings or whether you’ve decorated to match and enhance its charm, you may own several antique items as well – whether it’s fine art, furniture, or a rare rug.
A jewelry, fine arts, and other collections floater allows you to add valuable belongings to your policy. If fragile articles break or are damaged in a covered incident, the floater will help you avoid policy sub-limits and deductibles when replacing them. Any type of floaters such as fine arts or jewelry the carriers require current appraisals for each item you wish to add. Each items will be itemized on your policy. Be thorough when itemizing to ensure that everything is covered.
What Is the Value of an Independent Insurer?
Finding the right insurance agent confers a valuable advantage for protecting any home–especially brownstones and other historic buildings. With such a unique property to care for, you want to be sure that it receives the special support it needs and deserves.
Independent agencies like Muller Insurance don’t represent a single provider, but several. This allows them to offer a broad portfolio of policies. Rather than being limited to what one company can do for them, clients can pick and choose between a variety of options to select the policy that best fits their needs and budget. You’ll find a unique policy to protect your unique home and may even get bundling opportunities to help save money.
Shop for Historic House Insurance in Hudson County
If you’re looking for historic house insurance in Hudson County, NJ, trust Muller Insurance. We are an independent agency representing over 20 leading companies including Chubb, Andover Companies, and much more. After 118 years of serving our region, we’ve earned a strong reputation for customer satisfaction. Contact us today to learn more, or request a quote to start protecting your home.
