How much does it cost to insure an older home?

The age of your property can determine the size of your annual insurance bill. Homes built towards the end of the 19th century have the highest home-insurance premiums, coming in at around £160 a year, Consumer Intelligence found.

By contrast, properties build post-2000, including new-build homes, are cheaper to insure, with an average annual home insurance premium of £117, £43 cheaper. Overall, the average UK buildings and contents policy costs £133 annually.

Why do older homes have a higher premium?

Higher home insurance premium for older properties reflect the higher cost of claims made by their owners. You’re more likely to need to make a claim for an older homes, as the roofing, plumbing and wiring are prone to wear out or develop faults.

And when repairs are needed, replacement materials for 19th century houses are more expensive to source. Insurers factor in the higher cost they’re likely to incur from these properties, and charge owners more accordingly.

Risks of buying an older home

In addition to higher insurance premiums, there are several  risks to consider if you’re thinking about buying an older property. These include:

Dangerous substances

Older properties are at risk of containing dangerous substances like lead and asbestos which were commonly used in the construction of properties until relatively recently.

Subsidence

Victorian and Edwardian homes have a higher risk of subsidence than newer properties. Subsidence happens when the foundation of a house collapses or sinks and often causes sudden cracks to appear in plaster or brickwork.

Damp and mould

Older buildings are more likely to develop damp and mould than newer homes as they were not built with damp proof materials and roof felting.

By Brean Horne

See Full Story at www.which.co.uk