Colorado Springs, CO, boasts some amazing historical neighborhoods, including Old Colorado City, Old North End, Skyway Park, and Manitou Springs. Houses in these areas feature unique designs and architecture that are sure to charm any aspiring homeowner. However, it’s important to note that regular homeowner’s insurance may not always be the best fit for a historical home.
What Does Homeowner’s Insurance for Historic Homes Cover?
HO-8 insurance is a policy designed to meet the needs of old houses with outdated plumbing, electrical wiring, and other systems. Such a policy typically covers the same forms of damage as a regular home insurance policy; however, it provides compensation based on the actual cash value of the home’s structure rather than replacement cost. This means you may have to pay high fees out of pocket if your home is significantly damaged or destroyed.
High-value home insurance is another option for historic homes. This policy is ideal if your home has a high net worth. It includes dwelling coverage, and you can add extended dwelling coverage to the policy to cover the high cost of having the home repaired or rebuilt using the same materials that were originally used in the home’s construction. If your historic home includes valuable furnishings and antiques, you can ask your insurer about a scheduled personal property policy endorsement to cover high-value belongings.
Contact Westco Insurance LLC for More Information
Your home is likely one of your most valuable assets. Moreover, its emotional value can’t be calculated in dollars and cents. At Westco Insurance LLC, we take pride in helping Colorado Springs, CO homeowners find insurance to meet their exact needs. Call us at your convenience to find out more about insuring a historic home at the best possible price.
