Your Guide to Insuring Historic Homes in Texas

Many areas of Texas are known for their historic homes, but Tyler, Texas, has an especially well-preserved and rich architectural history.

There are historic homes throughout Tyler and surrounding areas of East Texas. You can see many of them on display during the year if you do a tour of Tyler’s historic district. Especially in the spring, you can take a tour of the Azalea Trail, which showcases the city’s stunning spring azalea display and the beautiful homes, some of which have been part of Tyler for over a century.

While some of the historic homes have been turned into Airbnb’s and museums, most of them are private homes.

 

 

There are many benefits to living in these beautifully crafted structures…but what about insuring them? Do you need a special insurance policy if you own a historic home in Texas, or does it qualify under a regular homeowner’s policy?

Owning a historic home is different than simply owning an older home. If you purchase a home that you think might be historic, you’ll need to see if it qualifies for an official designation as a historic site.

 

 

How does someone see if their home qualifies as a historic site?

You’ll need to contact the National Register of Historic Places and have your home evaluated.

One good clue to go by is that your home might qualify for a historic place designation if it is 50 years or older.

A few other qualifying factors to consider are:

• Does the home have history that’s culturally significant?
• Did a famous person once live there?
• Did a historical event of note take place there?
• What about the home’s architecture?
• Is it unique?

 

 

It’s important to note that the home’s structural integrity should be mostly unchanged from its original construction in order to qualify as a historic home.

When you’ve established your home’s designation as a historic building, there are some important details to consider and be prepared for when it comes to insuring your home. Namely, you’ll need to be ready to do upgrades to bring your old home’s structure, electricity, etc., up to code. You won’t be able to obtain home insurance of any kind until those updates have taken place.

It’s important to be aware of these potential extra costs if you’re planning on purchasing and insuring a historic home in Texas.

 

 

Does it cost more to insure a historic home?

It’s necessary to be prepared for the likelihood that it’s going to cost more to insure a historic home than a policy for a more modern home. But for good reason.

If your historic home experiences damage from a fire, storm, or tornado, you might have difficulty replacing/replicating what was destroyed because of the historical details that make it unique.

An insurance policy places a monetary replacement value on everything from the structure itself to specific items within the historic home. Because of the singular nature of historic homes and their contents, they can potentially be more expensive and more difficult to insure.

Because of the home’s historic designation, it’s not possible to simply replace damaged structural sections or unique contents with the modern equivalent.

This is where your trusted local Texas insurance company, such as Bosworth and Associates in Tyler, Texas, can help.

 

 

Talk to your local insurance representative to determine the policy and deductible that best suits your specific home and situational needs.

Consider details such as:

• Does your home contain many high-value contents?
• Does it have unique and difficult-to-replace architecture?
• What about the structure?
• If you already have a policy, do you know exactly what is covered?

If you’re planning to insure a historic home, it’s important to work with a local insurance company. A local insurance company understands the ins and outs of a particular area, which, if you have to make a claim, can be more helpful than working with a national insurer who doesn’t know the details unique to your region. If you have a historic home, you’ll want your insurer to recognize and understand the difference when appraising a historic home vs. a more modern home.

Make sure you’re not undervaluing the home and/or its contents. When you set up your home insurance policy, check that you have enough coverage for expensive and unique parts of the home.

While insuring a historic home isn’t as easy as setting up your medical insurance or car insurance, it doesn’t have to be complicated.

It helps to do your due diligence and provide as much information as you can to your insurer.

If you own or are planning to buy a historic home in East Texas, contact Bosworth Insurance and make sure your historic home investment is fully protected.