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Insuring A Heritage Home: 3 Tips For Success

Updated: Dec 6, 2021

History and culture are important assets we need to protect as nations. Museums are home to various artifacts dating back centuries, but other pieces of history remain alive and well, used by various home and property owners as homes and commercial sites.

Canada is home to numerous historic buildings and other properties, all of which are designated as heritage sites by the government. This means that specific structures are protected from alterations and demolitions, ensuring that they remain intact for future generations.

If your current home stands proud and tall as a historic landmark, or perhaps a relic to a specific style in history, it’s considered as a heritage home. Such is a privilege to behold, but you’re also compelled to become its steward—and that means protecting every corner at all costs.

One of the best ways to do so is to invest in insurance, which guarantees that it remains safe from fire, flood, and other potential damages. Unfortunately, insuring a heritage home requires extra consideration, particularly when it comes to value, construction and materials, and unique factors.

Without further ado, here’s everything you need to know about insurance coverages and heritage home:

Tip #1: You Will Need the Help of Experts for a Proper Appraisal

To ensure that your home is properly covered by the insurance policy, you must first enlist the help of a professional to appraise the value. While most insurance companies will send an appraiser of their own, it’s always the best move to have your very own—just to ensure that numbers are done right.

You’ll want to work with an appraiser with experience, particularly when it comes to heritage properties. In doing so, you will have access to an accurate assessment of your home’s value, along with potential setbacks you need to take care of. Any replacement and repair costs will be part of the assessment, which can also be helpful to the insurance policy process.

Tip #2: Keep Your Records Accurate and Updated

When it comes to investing in insurance for your historic home, you must keep an inventory of each item you deem valuable. Any maintenance and repair history must also be kept safe. This will help you file for a claim should things happen in the future, such as loss and damages.

Keeping lists is one thing, but you’ll also need to have detailed pictures of all the features, all of which can serve as proof during the claim process. Requesting funds for replacement and repairs will be made easier on your end, and will ensure that all requirements needed to keep the heritage home safe will be followed.

Tip #3: Understand the Process of Insurance Claims, Especially When It Comes to Heritage Properties

Should you find yourself in an unfortunate situation, such as your heritage home suffering from damages and deterioration, keep in mind that the claims process will be more complicated.

Your insurance company will need time trying to assess the damage, along with the replacement costs needed to rebuild the property. This should include special features and unique materials, all to ensure that every historic part can be properly retained.

Don’t Hesitate To Ask For Help

Before diving in and investing in any insurance company, doing your research is paramount. You’ll want to purchase the right coverage for your heritage home, as anything less can make claims almost impossible to do. You’ll want to work with a company completely dedicated to helping you keep the history and culture intact, so never do it alone.

If you’re on the hunt for some of the best insurance companies in Alberta, Direct-Line Insurance has you covered. We’ll take care of your homes and other properties with excellent services and a passion to help protect what’s yours. Reach out to us today to learn more!

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