Insuring Your Historic Property
Insurance Companies are for the most part unable to price a policy and do not have the expertise to repair historic buildings in the event of a claim as these facilities need specialized materials, workmanship, and nay not to meet building code standards.
Cost Factors include geographic location, age of the structure, proximity to a fire station or fire hydrant, construction style and materials used in building the structure, most recent updates to the roof, HVAC, electrical, and plumbing. Also, current labor and material costs.
The National Trust Insurance Services of the National Trust for Historic Preservation are
Historic Building Coverage Experts
Historic Replacement Cost coverage is defined as the cost to repair or replace with the same materials, workmanship, and architectural features without depreciation, provided are reasonably available.
knowing what your Historic Property is Worth
The Hidden Cost of Historic Reconstruction historic buildings aren't like other properties. If damaged, they're likely to require highly skilled craftsmen, hard to match materials, extra time to rebuild because of the labor-intensive process of historic renovation and professional services to assist in areas like recertification and recovery of tax benefits. In the event of loss or damage, there's only one policy in the insurance industry that will restore your commercial building to its former grandeur.
The Historic Property Policy includes groundbreaking coverage and flexible valuations, including the cost of replacing a hand-carved door and hiring an expert able to document your rebuilding.
Restoring Historic Properties
Installing central air conditioning and heating with high-efficiency cooling and heating systems that are retrofitted into vintage homes or historic commercial buildings without extensive remodeling or intrusive ductwork.
Flexible supply tubing is fitted into existing wall cavities, ceilings or floors. Modular air handlers, small enough to fit into closets, attics, ceilings, crawl spaces or basements, are powerful enough to effectively circulate air throughout your property.
a smaller footprint that delivers the same level of cooling as a conventional system three times its size
Historic Replacement Cost Coverage is the Cost to Repair or Replace the Original Building’s Materials Workmanship and Architectural Features
If not reasonably available, the insurance carrier will pay to replace or repair with materials, workmanship, and architectural features that most closely resemble those present before the loss. Also,
- Increased cost of construction due to landmark as well as other building ordinances or laws
- Increased time to restore your property due to operation of landmark and other building laws
- Historic certification expenses
- Loss of federal, state, and local tax benefits
- Increased building assessments
- Green building upgrades to enhance the energy efficiency of your property where possible
Certification is Not Required to qualify for Historic Coverage
All currently certified historic buildings are eligible, as well as buildings that could be certified and located in a historic district. However, just about any building that exhibits historical character, materials, and workmanship can be covered by this policy, whether certified or not.
Specialty Insurance Coverages includes D&O, Volunteer Accident, Special Events, Collections and Fine Arts, Vacant & Builders Risk and Historic Tax Credit.
Classes of Business include main street organizations, historic hotels and inns, historic theatres, museums, historic homeowner insurance, preservation and religious organizations.
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