Hudson County, New Jersey, has a long and rich history, so it should come as no surprise that the county is home to many historic buildings. Living in a historic home like a brownstone can be a uniquely rewarding experience. It does, however, come with its special challenges. These extra complications, such as old construction and tight renovation restrictions, can make them more complicated to insure. Fortunately, homeowners in New Jersey may work with Muller Insurance, an independent insurance agent that has served this area for over 118 years. Here, we discuss historic home insurance in Hudson County, NJ, including its challenges and the best ways to insure.
Challenges of Brownstone Home Insurance
Brownstone refers to a specific style of home that was built in the 19th century for middle-class families. These row houses are built from brick with an outside layer of brown sandstone that earned them their nickname. With their decorative embellishments and wrought iron railings, they are quintessential to the Hudson Valley area.
The beauty and historic charm of brownstone buildings make them desirable in the real estate market. Insuring them, however, can be a complicated endeavor. Here are just a few of the challenges that await a brownstone homeowner looking for insurance:
Old Construction
After over a century of deterioration, brownstones may have a few issues. Mold and mildew, leaky roofs, and sinking foundations are just a few of the problems old homes might face. Even if your home is in good condition, insurance companies may still hesitate to cover a historic building that might suddenly have an expensive breakdown.
Building Codes
Naturally, a home built in the 19th century may not be compliant with modern codes. Updating them is necessary to avoid high fines and ensure that your building meets standards for safety. Depending on the home and location, however, this can be a costly endeavor – one that many insurance companies may not wish to finance.
Expensive Repairs
Historic preservation societies impose tight restrictions on repairs and renovations. These exist for good reason: they prevent the loss of history and help maintain a neighborhood’s original charm. Meeting the restrictions, however, may require costly materials and specialized craftsmen. This drives up the projected cost of repairs.
For these reasons and others, insurance providers may simply refuse to cover a historic house. Others may cover the home, but won’t provide the protection you need in an emergency. While finding the right provider is important for any home, it’s even more impactful in a brownstone.
Navigating Historic Home Insurance in Hudson County, NJ
When insuring historic homes in Hudson County, NJ, a homeowner’s best option is a specialized provider. Some insurance companies offer policies tailor-made for historic buildings, ensuring that clients receive the coverage they require. While the high-value policies may come with higher premiums, the additional protection helps homeowners pay for higher costs when repairing a structural issue or bringing an older building up to contemporary codes.
Homeowners may also wish to consider a HO-8 policy. This policy type is designed for homes for which the cost of rebuild is higher than market value. They don’t require four-point inspections, meaning that you may not need to update your home to qualify for coverage. The downside is that HO-8 policies cover fewer perils, and payouts are for cash value – meaning that depreciation is factored in. Homeowners must weigh the pros and cons before choosing which kind of policy to purchase.
Finding the Right Agent
With so many complexities to consider when choosing a policy, finding the right agent gives homeowners a significant advantage. Choose an independent agency like Muller Insurance to access a wide range of insurance policies from different companies. We don’t only represent one provider—instead, we work with over 20 leading insurance companies. Our partners who insure historical buildings include:
No two homes or owners are the same. By working with multiple companies, we have the flexibility to pick and choose the policies that best fit our clients’ needs and budgets. We help you find complete coverage for the best rates, giving you peace of mind that your historic brownstone home is protected. Our team may even be able to find bundling opportunities to save you money.
Insure Your Historic Home with Muller Insurance
Insuring a brownstone home can be challenging – so don’t do it alone. Trust in the agents at Muller Insurance. We have served residents of New York, New Jersey, Connecticut, and more states for over 118 years and developed a strong reputation for helping homeowners find the coverage they need to feel secure. For more information on historic home insurance in Hudson County, NJ, contact us or request a quote today.
