There are many historic properties in Georgia. Most are listed in the National Register of Historic Places. Insuring a home that is of historical significance is somewhat challenging because if the home gets damaged, simple repairs are not sufficient. To maintain the historic designation, a damaged historic home must be restored to the exact condition before the damage occurred, using the same type of materials that were originally used.
The trouble is that restoration, when compared to repairs, is much more expensive and materials of the proper kind may be very difficult to find. For this reason, a historic home needs to be insured for the restoration value, not just the replacement value.
Usually, the insurance company will send out an appraiser who has the skill and experience in estimating the restoration costs. The appraiser should note any special characteristics of the home and if it includes any antiques, in order to make a good estimate of the insurance coverage needed.
It is important to work with your agent at The Insurance Mart in Blue Ridge, GA in order to take the proper steps to get the appraiser to visit the home. Antiques and artwork in the home are likely to need a separate insurance policy if they have significant value.
Restorations and Upgrades
If the home needs restoration when you buy it, the insurance needs to be upgraded at regular intervals. As the restoration progresses the value of the home increases. It is a good idea to install modern safety features, such as smoke alarms if any restoration is begin made. These do not detract from the historic value and add more protection for fire risk, which may positively impact insurance premiums.
Owning a historic home conveys a great sense of pride in ownership. Contact your agent at The Insurance Mart, serving Blue Ridge, GA and the surrounding area, when considering buying a historic home to be sure that the insurance coverage is adequate for your needs.