If you are thinking about buying or selling a historic property, then you should consider getting specialist insurance for your historic building.

This is because if something happens to your historic building, you will need to pay for repairs. However, you don’t want to spend money on repairs that aren’t needed.

So, what should you look for in a policy? What questions should you ask before purchasing a policy?

And what questions should you ask before selling your historic building? In this blog post, we will look at some of these questions so that you can make sure that you purchase the right kind of insurance for your historic building!

WHY YOU NEED INSURANCE FOR YOUR HISTORIC BUILDING

While a historic building can face many obstacles when it comes to staying functional, it’s crucial you invest in insurance.

When you own a historic building, you will want to do everything possible to protect your investment. However, with your historic building, you will also need the right insurance.

This is because if your building experiences some sort of disaster, you could be in for some real trouble if your insurance company denies your claim. So, how do you make sure that you are protected?

By getting the right insurance policy, you are ensuring you are covered for all of the damages that your historic building experiences. Different types of insurance exist for historic buildings.

So, depending on the kind of insurance that you need, you will most likely have to invest in several different policies. However, if you have the right insurance, you will not have to purchase two separate policies for your building.

And with the right insurance, you will not have to worry about seeing your historic property fall to ruins. When buying your historic property, make sure you have enough equity in the building to make repairs if you experience a loss.

This will make sure you don’t end up losing the building because of inadequate insurance. Additionally, there are certain costs you should account for when buying your historic building.

You should figure out how you will be paying for the insurance. You will want to know how much home insurance will cost.

This way, you can make sure your financial reserves will not be depleted if the building does sustain damage. Finally, when insuring your building, make sure you know the difference between insuring the building and insuring the structures.

The structure is what the building looks like on the outside, whereas the building is the structure itself. You should protect your structure, which is thoroughly documented, by adding it to your insurance policy.

You insure the building, which must be documented physically in order to add it, by insuring it as a structure. You insure the structure by insuring the building, not the buildings.

When it comes to insuring your building, you want to make sure that you are covered as much as possible. You also want to know what you are getting into before you sign any papers.

That way, you can prepare yourself and the worst-case scenario won’t catch you off-guard.

WHAT IS COVERED BY A HISTORIC BUILDING INSURANCE POLICY?

When you are shopping around for your historic building insurance, you will want to ensure that it covers everything you need.

However, different policies will cover different items, so you will want to choose carefully. So, before you decide on a policy, make sure you check and see what is included in your insurance policy.

Typically, a historic building insurance policy will cover:

Building – the structures that your building is made of will be covered by an insurance policy, such as the brick, the plaster, and the roof. However, your insurance policy may not cover any additions made to the building.

The Structure and The Equipment – the equipment your facility uses, such as heating, lighting, and air conditioning will be covered by your insurance policy.

The Inside – your policy will cover the inside walls and floors, including wallpaper and floors, as well as interior fixtures, carpets, and fixtures.

The Outside – the exterior walls, floors, and roofs will be covered by your insurance.

Once you figure out what your policy covers, you want to make sure your policy covers everything that you need for your historic building.

A policy will not cover everything though. What this means is that some buildings, which are considered high-risk, may not be covered.

HOW TO FIND OUT IF YOUR HISTORIC BUILDING NEEDS INSURANCE

You need to keep a list of everything that the building might need coverage.

You need to make a list of all the things that need to be covered, including the inside of the building, the exterior walls, and the roof. This list will help your insurer determine coverage.

Once you have your list of requirements, you will have a better idea of whether you need insurance. If one of your requirements is insured, you will need to have that information with you when you talk with your insurer.

Additionally, you will want your insurer to pay attention to your building, because certain risks such as pollution or vandalism may not be covered in your policy. However, you could be able to insure your building if you can prove to the insurer that the building is suitable for insurance.

HOW TO GET STARTED WITH HISTORIC BUILDING INSURANCE

Getting started with historic building insurance can be a little challenging. Typically, before you start this process, you will need to determine several things:

• What you need to be covered and what you don’t.
• How you will be documenting your property.
• The criteria your insurer will use to determine your risk.
• The sensitivity of your building.

After determining what you want to be covered, you will want to document anything that you are insuring.

For historic buildings, this is usually fairly easy because you will have documentation from an architect or historical site. Documents like plans and blueprints are key when making a claim.

Make sure to have these documents handy in case you need to make an insurance claim. You will also want to make sure that your insurer has all of the documentation on your building.

If you aren’t sure whether or not you have the documentation, you may want to talk with your insurer. Your insurance company should help you if you need additional documentation.

You also want to make sure that your insurance company understands the sensitivity of the building that you are insuring. Many insurers, especially older ones, are not aware of a building’s sensitivity.

Therefore, they may find the property risky and decide not to offer it coverage. You should talk with your agent about this concern, and explain to the agent how important your building is.

The agent should understand that you are trying to insure something that is important. Once you have all of the information that you need, you will probably be ready to start the buying process.

Once you are able to, you will be able to save money on your historic building insurance and get the best possible coverage for your building.

WHAT SHOULD YOU LOOK FOR IN A HISTORIC BUILDING INSURANCE POLICY?

Architectural coverage is very important because it will cover the inside walls and floors of your historic building.

Additionally, it is good to have interior coverage, because a lot of damage can occur inside a historic property. Your policy should also cover the interior walls, floors, and ceilings, as well as fixtures and other interior materials.

Your policy should also cover the interior structures, plumbing, electrical, heating, and air conditioning. It is also good to have roof damage covered and water damage because water damage can result in mould and other damage.

Exterior coverage, sometimes called physical protection, covers the building itself, as well as the exterior walls, roofs, and floors. Generally, exterior coverage covers normal wear and tear, but some policies will cover storm damage, such as hurricanes or high winds.

Additionally, exterior coverage usually covers vandalism and break-ins, but you should ask your agent for more details. Other types of coverage that you may want include things like, earthquakes, and water damage, but you will want to be sure that your policy includes these.

WHAT QUESTIONS SHOULD YOU ASK BEFORE PURCHASING A HISTORIC BUILDING INSURANCE POLICY?

• What kind of architectural coverage do I need?
• What type of coverage do I need for the interior walls, floors, and ceilings?
• What do I need to specifically cover to cover fixtures, wiring, plumbing, heating and air conditioning, and other things?
• Do I need to cover concrete, brick and other surfaces?
• Am I going to need fire protection, and what type of fire protection?
• How can I choose what is right for me?
• How do I know if my building is eligible for exterior coverage?
• How will I know if the building is insured?
• Should I have two different policies for my building and my business?

These are just some of the questions that you should talk with your agent about.

After you get all of the information that you need, you will probably be ready to start shopping around for an insurance policy. You will then be able to buy the best possible insurance policy for your historic building and get coverage at an affordable price.

WHAT QUESTIONS SHOULD YOU ASK BEFORE SELLING YOUR HISTORIC BUILDING?

• Is it common to build a structure around a historic building?
• How can I make sure that my building is safe from extreme weather?
• How do you check to see if my building has damage that I need insurance for?
• How do I know if the insurance company can price my building correctly?
• What can I do to protect myself if I am involved in fire, theft or when a natural disaster occurs?

Again these are just some of the questions that you should ask your insurance agent. So there we have it, your guide to insuring a historic property.

CONCLUSION

In conclusion, it is important to get insurance for your historic building as soon as possible.

If there is an issue with your historic building and you do not have insurance, then you could be liable for any damage caused to your historic building. Therefore, you must ensure that you buy insurance for your historic building immediately after purchasing it.

So if you need any help, are looking for any advice or have any questions then please don’t hesitate to contact us.