Home insurance for older properties

Getting your older property insured often requires some extra investment of both money and time. Most insurers consider an older property to be a higher risk, which means they’re more cautious when offering insurance. Some insurers may not even be willing to offer you cover.

An older property is generally more likely to be susceptible to damage compared to a newly built property. The internal structure and wiring may have faults, or there might be leaks in the plumbing lines, all due to simple wear and tear over the years. To ensure you have complete coverage for your older house, you may need a home insurance policy with additional coverage. 

If your home insurance premiums are so high they make your home unaffordable, talk to your insurer about what’s causing the higher costs. In some cases, there might be certain things you could do to lower your premiums.

For example, you could have your property inspected and repair any issues that are found. Once you’ve checked and fixed these issues, your insurer may take this as proof that your home is well maintained and poses less of a risk than was initially assessed. They may then reassess your home insurance premium and reduce it.

While a renovation project could make an older house safer to live in and add to the property’s value, it may or may not help with insurance costs.

Features that strengthen your house, such as fixing an old roof to reduce the likelihood of damage, might get you a discount on your insurance. But if you make improvements that enhance the property's value, such as building a swimming pool or adding an extra room, you may require higher coverage for the house, which will result in higher premiums.

You may want to contact your insurer and check which upgrades are likely to qualify you for a reduction in your home insurance premium. 

If you're considering renovating your home, you should also ensure your insurance covers you during renovations. Otherwise, you may have to look into alternative insurance cover to protect your property whilst you're renovating.

Securing home insurance for an older property may be possible without major renovations. If your property is in good condition, with very little wear and tear that may cause damage, you’re likely to be able to get insurance. But first, it’s important to understand some key factors that may contribute to your property’s eligibility for insurance: