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Facts Of Insurance For Historic Buildings

Historic buildings are also known to be the most valuable assets on earth. In order to preserve the beauty of historical buildings, the owners of these buildings strive to get a suitable insurance plan that must cover the entire value of the concerned historic building. But the issue is that how can we find out that which type of insurance for historic buildings would be suitable for our historic property. In order to answer this question, some important points must be kept in consideration but before hand we must understand the nature and importance of historic buildings.

What is a historic building?

If you think that your house falls in the category of historic buildings then you must first apply three tests and if your building passes these tests then it means that your house is a historic building with a significant value.

  • First of all you must keep track of the age of your house or building .If a building is to be branded as a historic building then it must be old enough to be historical. Your house must have been built around 50 years back or more than 50 years in order to be included in the historical category plus different historians must have showed interest in your house as a piece of historical architecture.
  • Next you need to keep in mind that a property can only be branded as a historic building if it has remained in the same condition since the very start till current date. For instance, if your house was built almost a century ago and has retained its original archeological beauty till now then it means that your house is definitely a historic building.
  • Third and last test will only make your house a historic building if it has played a significant role in the history.

insurance for historic buildings

Important issues:

If your building has passed the above mentioned three tests then it is branded as a historic building. Now the next step is to get a reasonable insurance for your historic building. Here most of the people face the issue of not getting the complete cost coverage for their historic building in the insurance plan. Finding out the real value of the historic building insurance plan is not an easy task as many hidden costs are attached with the maintenance of a historic building. This is the reason that most of the insurance companies wont even bother to calculate a proper estimate of the real value of the historic property. If this happens with you then you are going to suffer the severe financial consequences if any damage occurs to your property.

Things to keep in mind:

If you are opting for an insurance plan for historic buildings then you must also keep the hidden maintenance costs in mind and have them included in the property insurance plan. Hidden maintenance costs might include the wages of craftsmen who must be highly skilled such as interior decorators, costs of rarely-found constructive material like huge-sized stone blocks, costs of lengthy rebuilding or re-constructing procedures, plus the costs of some other types of required professional services.

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