We specialize in insurance for your historic home in South Carolina
You have spent a career building your assets, why take a chance insuring your historic home with just any agency? We strongly encourage you to work with a local, independent agency, like Mappus Insurance, that specializes in insuring historic homes in Charleston, South Carolina.
Mappus has been insuring historic downtown Charleston homes since 1960.
HERE ARE FIVE VERY IMPORTANT THINGS TO CONSIDER WHEN PURCHASING INSURANCE FOR YOUR HISTORIC HOME
- Year Built – homes built pre-1945 and pre-1900. Homes built in these eras need very strong consideration when determining the replacement cost. Often times, the replacement cost can be much more than the market value (what it’s worth), meaning, you need to insure it for more than you think. Unique finishes, features, and architecture during these periods can be very tough to replicate and thus costs much more should you need to hire a specialist after a loss.
- Updates – Homes that are 100 or 200 years old still need updates. It is important to know when these updates occurred as it can have a major factor on which insurance companies can be accessed. Many companies will provide significant discounts if updates were “complete updates” and they can be verified. This can potentially save you thousands each year.
- Historical Preservation and Board of Architectural Review (BAR) – know what the laws are for your home should a loss occur. Charleston has some of the country’s most strict laws when it comes to preserving the historical nature of a home. This means that it could cost you a lot more after a loss to rebuild than you think.
- Policy Endorsements – Understand your policy. Every insurance policy is laced with exclusions, endorsements, enhancements, and the like. Know your policy as it can play a major role in how your claim might be settled. Look out for things like functional replacement cost, water loss exclusions, additional replacement cost, HO-8 versus HO-3 and HO-5.
- Agency Partner – work with an agency that understands how to properly insure historic homes. Yes, many agencies can “write a policy”, but is it correct?
Mappus has been insuring historic properties in downtown Charleston since 1960 and we work with all the insurance companies that want to write historic home insurance.
Ready to speak to one of our Historic Home Advisors today? Click here.