I came across this article and felt it was worth passing on. Replacement value of a rare historic home can far surpass its appraised value, when you consider the materials and craftsmanship required to recreate it. We sold a house recently built in 1780 and an extraordinary historic home. The sales price was a little over $600,000 while the insurance replacement value was well over $2,0000,000.
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Protecting a Historic Home
Historic Homeowners Insurance
Most homeowners have serious gaps in their insurance coverage, especially if they are owners of an older or even historic property. Standard policies often do not cover the features that make older and historic homes special -- raised panel wainscoting, hand-hewn true dimensional lumber, double-hung or fanlight windows, and stepped wood crown moldings.
To meet the needs of owners of older homes, the National Trust has created a unique relationship with experts in insurance. The firm of Maury, Donnelly and Parr (MDP), which has been protecting their clients' assets since 1875, now can help National Trust members evaluate their insurance needs and obtain the coverage necessary for their home, whether it's a farm house from the 1700s, a turn-of-the-century Victorian, or a Cape built in the fifties. MDP can also work with owners of newer structures.
Comprehensive policies will consider a number of factors, including proper valuation of a historic home, coverage that pays for restoration, and replacement cost coverage for furnishings such as antiques, oriental rugs or fine arts. This coverage will also allow choice of contractor, assistance in locating specialty materials during a claim, and restoration of a home to its original splendor.
For more information on specific services available to you, visit http://www.nationaltrust-insurance.org/. To contact an insurance professional directly, call MDP toll free at 866.269.0944 or email mailto:www.historichome@mdpins.com. Help ensure that older homes are protected for generations to come.
*******************************
Protecting a Historic Home
Historic Homeowners Insurance
Most homeowners have serious gaps in their insurance coverage, especially if they are owners of an older or even historic property. Standard policies often do not cover the features that make older and historic homes special -- raised panel wainscoting, hand-hewn true dimensional lumber, double-hung or fanlight windows, and stepped wood crown moldings.
To meet the needs of owners of older homes, the National Trust has created a unique relationship with experts in insurance. The firm of Maury, Donnelly and Parr (MDP), which has been protecting their clients' assets since 1875, now can help National Trust members evaluate their insurance needs and obtain the coverage necessary for their home, whether it's a farm house from the 1700s, a turn-of-the-century Victorian, or a Cape built in the fifties. MDP can also work with owners of newer structures.
Comprehensive policies will consider a number of factors, including proper valuation of a historic home, coverage that pays for restoration, and replacement cost coverage for furnishings such as antiques, oriental rugs or fine arts. This coverage will also allow choice of contractor, assistance in locating specialty materials during a claim, and restoration of a home to its original splendor.
For more information on specific services available to you, visit http://www.nationaltrust-insurance.org/. To contact an insurance professional directly, call MDP toll free at 866.269.0944 or email mailto:www.historichome@mdpins.com. Help ensure that older homes are protected for generations to come.
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