Home Insurance replacement cost for historic home

Our home has the overwhelming majority of its original “character”, which has been kept in decent-to-good condition over its lifetime. What should I be asking for when it comes to replacement cost? Is there a good rule-of-thumb multiplier? Any other tips as we re-evaluate our home insurance?

colonialrevival

in General Discussion 4 years and 3 months ago

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arewedoneyet | 4 years and 3 months ago

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Pure is another option that’s like Chubb

cobblehillhome | 4 years and 3 months ago

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You should go with Chubb if you’re risk adverse, want a premium service if it comes to a claim. But they will be expensive. Chubb will “over insure” your home to account for the replacement cost of the original materials. They do not have a cap on the replacement value though, so let’s say your home costs $2M, they insure it for $3M (I was told they calculate the replacement costs at $700/sq), and if complete replacement ends up costing $5M, they should still pay it all. (Number for illustrative purposes)

Full transparency: I don’t have Chubb but went through an extensive research and ended up going with Cincinnati Financial since my home did not have any original character left and I didn’t want to pay the Chubb price. (https://www.brownstoner.com/forum/#!/general-discussion:new-townhouse-owner-many)