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Are older homes more expensive to insure?
My husband and I are looking for a house. We have fallen in love with one built in the 1960’s. Something about the architecture and homey feel makes us want to move in right away! However, I have one concern—are older homes more expensive to insure?
Bellina Gaskey · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on finding a house you like! Your hunch is correct: older homes are typically more expensive to insure than newer ones.
The reasons behind this probably won’t shock you. First, older homes typically have a higher risk of events like a fire or burst pipe. Thus, insurance companies consider owners of old homes more likely to file a claim and will charge you higher premiums upfront.
From there, consider replacement costs. Some insurance companies are concerned that rebuilding an old house to its historical specifications will cost more than rebuilding a newer (and often simpler) home.
Of course, an older but small house can cost you less to insure than a massive new one. But in general, know that you may have to look at several insurance companies for a policy on a home 30 years of age or older.
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- Gregory R.
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