Why Knowing How Old Your Home is Important to Home Insurance Providers
If you are purchasing homeowners insurance, you might have heard these words: “What is the construction year of your home?” Well, this is one piece of information that can affect how much you pay to keep your home insured.
Here’s why it matters and how to find out when was your home built? if you’re not sure.
Older Homes May Cost More to Insure
If your home is more than 50 to 100 years old, your premiums could be higher. This is because homes over 50 to 100 years old tend to have:
- Old wiring
- Flimsy pipes
- Roofs that need repair
- Substances which are no longer used, such as lead or asbestos
These factors can increase the likelihood of a fire, leakage, or damage. The insurance company charges higher premiums because there is a higher probability that something could go wrong.
Homes Could Cost Less to Insure – New Homes Could Actually Be Cheaper
More modern homes tend to be cheaper to cover. This is because:
- They use modern materials
- They meet present safety regulations
- They are easier and less expensive to repair
If you know your home is a relatively new construction within the last 10–20 years, your insurance quotes might be lower.
Some Carriers Won’t Insure Very Old Homes
If you own a listed property or one that is a certain age (often 100+ years old), some insurers may not cover it at all. Alternatively, they may offer you limited cover.
This is why knowing how old your housing is is important because you can select an insurance company that can cover old buildings.
Claims Could Possibly Get Rejected If The Year is Incorrect
If you make an estimate of the construction date of your dwelling and find that it is actually incorrect, you could have your claim disallowed. This could result in you not being awarded any amount following damage and/or loss.
Date is very important. If you are unsure about this, you can determine when a property was constructed using land registry information, surveys, and/or files available at the local council.
The Effect of Build Year on Rebuild Cost
Rebuild Cost: This is how much it will cost to build a new home like yours. This is dependent on:
- The size of the house
- The materials used
- How easy it is to rebuild
Older homes could be more expensive to reconstruct because they require special bricks, wood, and/or stone that aren’t currently being used. The date of construction is very important to insurance companies to better arrive at this calculation.
You May Need Specialist Insurance
If your property is very old, a listed building, timber-framed, and/or thatched roofs, you could find that standard building insurance is inadequate. A specific policy type is required. However, to gain this, one thing is certain: the insurance company will always ask about your property’s construction date.
Not Sure of the Build Year? Here’s What to Do
If you can’t determine when your home was originally constructed, there are steps you can take to verify information. These include:
- Look at your title deeds
- Ask your local council
- Utilize online resources
- Read the property survey
Although it may seem like a relatively small thing, your house’s construction year might have an impact on how much you pay, what you can claim, and more. It is best to double-check this information anyway.
