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
-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
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.
Updates in last 15 years
including replacement of circuit breaker boxes, switches, wiring, fixtures and components.
Entire system replaced in the last 15 years
If window units, you would pay a surcharge on the home insurance quote ($200)
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
20% down with 10 pay plan available
75,000 to 1,000,000
Frame, Brick Veneer, Hardiplank
Gable, Hip, Flat
Price Credit for Hip Roof applies
WIND DEDUCTIBLES AS LOW AS 1% OF INSURED VALUE
- Mature owner (over 55 years old)
- 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