Older homes or original construction around 100 years old are very common throughout New Orleans.

Finding home insurance is not

The majority of the insurance companies writing today are focused on new construction

The newer the home construction the lower the price you pay

Often homeowners who purchased older homes are left with limited options for home insurance

Uptown, Mid City, Marigny, 9th Ward, Irish Channel are some hot areas now for homebuyers

We are getting calls for home insurance quotes from these areas and we represent a few companies that are focused on older homes

Here are some of the requirements to get coverage for your older home

Homes built around 100 years old is not a problem to get coverage but the home must have updates to the electrical, plumbing, heating a/c and roof

 

ROOF UPDATE

-if composition shingle (3 tab) must be replaced over last 15 years

-if architectural shingle must be replaced over last 20 years

Homebuyer Pro Tip –  if you are buying a house and the seller has not replaced the roof in the last 20 years,  you can find out if the seller was paid for roof replacement.  In New Orleans the benchmark date is 8/29/2005 Hurricane Katrina.  Ask why the roof was not replaced at that time.  When you purchase a new home insurance policy most companies run a CLUE report and you can see the claim history report which will show if there was a claim for roof replacement.  If the seller was paid for roof replacement but didn’t replace the roof,  you can negotiate this on sales price because the home should have a new roof.

Why is this important to you?

The newer the roof age, the less you pay for home insurance

 

PLUMBING UPDATE

Galvanized plumbing is not acceptable

Polybutylene plumbing not acceptable

If galvanized plumbing you can get Scottsdale or Lloyds of London to consider

Plumbing updates must be within the last 15 years

new  water  supply  lines,  new  plumbing  fixtures and components must  be installed throughout the dwelling.

 

ELECTRICAL UPDATE

Updates in last 15 years

including  replacement  of  circuit breaker boxes, switches, wiring, fixtures  and components.

 

HEATING A/C

Entire system replaced in the last 15 years

If window units, you would pay a surcharge on the home insurance quote ($200)

 

WATER HEATER

Must be replaced in the last 15 years

 

TYPE OF PROPERTY

1 or 2 family dwellings

Detached structure rented to others

Additional premises liability extended to other properties you own

 

PAY PLANS

20% down with 10 pay plan available

 

HOME VALUE

75,000 to 1,000,000

 

CONSTRUCTION TYPE

Frame, Brick Veneer, Hardiplank

 

ROOF TYPE

Gable, Hip, Flat

Price Credit for Hip Roof applies

 

WIND DEDUCTIBLES AS LOW AS 1% OF INSURED VALUE

 

DISCOUNTS

  • Mature owner (over 55 years old)
  • Married
  • Age of Roof
  • Monitored burglar alarm
  • Monitored fire alarm
  • Hip Roof shape
  • Companion policy (another policy with the agency)
  • Flood insurance
  • Car insurance

 

What’s this all about?

If you are in the market to buy an older home or you are having difficulty finding a home insurance company that is willing to protect your home,  we have more than a few home insurance companies for you