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Insurance for Historic Properties
The National Trust for Historic Preservation's ForumNews (their newsletter for preservation professionals) featured an article about insuring historic buildings - valuable information I am passing on. For more information about the National Trust Insurance Services call 866-269-0944.
The two most important aspects of property insurance for a historic building are:
- Replacement Cost - understanding the difference between replacement cost (replace or repair using similar styles - not necessary in a traditional manner or exact match), actual cash value (deducts for depreciation and then replaces with "like and kind quality"), or Historic Replacement Cost (covers replacement, repair, and restoration) - relatively new option in property insurance.
- Coverage - making sure you have enough coverage to rebuild or replace missing architectural features is essential. In general using the sale price would leave your building underinsured - the cost of rebuilding or restoration of a significant portion is usually greater than the sale price. Likewise using new construction costs will leave you underinsured. The best way to determine your coverage amount is to obtain a appraisal from someone with a background in restoration or traditional building to have an accurate cost estimate of replacement in kind.
Tips to reduce the expense of insuring historic properties:
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Increase your deductible
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Insist on Guaranteed Replacement Cost coverage (covers for full cost of rebuilding or restoring regardless of policy limit)
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Consolidate policies with one insurer
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"Itemize"significant valuable items on a Fine Arts floater rather than a property insurance policy
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Take advantage of credits offered when risks are reduced and loss free discounts
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Purchase "all risk" coverage on building and contents - less restrictive coverage
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Choose a quality independent agent or broker with experience insuring historic properties
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Upcoming Events
Historic Restorations' Classes:
- Wood Floor Care and Refinishing (seminar) May 9th
- Plaster Repair June 13th and 14th
- Introduction to Hand Tools June June 27th and 28th
For more information visit our website at www.historic-restorations.com
Continuing Education Classes held at Harrisburg Area Community College:
- Older Home Preservation Process June 17th
- Older Home Energy Conservation June 24th
- Dating Your Older Building July 1st
For more information visit their website at http://vc.hacc.edu
Building History Program
Saturday, June 6th from 10 AM until 4 PM at the Ephrata Cloister. Tours of the Cloister, demonstrations of traditional building methods, and speakers.
Historic Restorations will present 'How to Add a Sympathetic Addition to a Historic Building' as part of the presentation portion of the event.
For more information call the Ephrata Cloister at 717-733-6600. |
Pennsylvania Home Improvement Contractor Registration
Beginning on July 1, 2009 all contractors working in Pennsylvania will need to be registered with the Office of Attorney General. To check (after July 1, 2009) if a contractor is registered go to www.attroneygeneral.gov or call 717-772-2425.
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