Buying home insurance coverage for a unique home is different from buying coverage for a conventional home. However, before delving into the special facts on home insurance, you need to know what it all means.
What is a Unique Home?
A unique home is a home that doesn't fit into the conventional description of a house; this may be because the unique house is constructed with rare or unique materials, constructed in an unusual way, located in a dangerous area, among other things. Here are some examples of unique homes:
- Homes that are extremely old and may even be considered historic homes
- Very small houses that may be considered tiny houses
- Houses constructed exclusively of one material, such as plastic
- Houses constructed exclusively with recycled materials
- Houses constructed in unusual shapes, such as those resembling everyday objects
- Houses converted from other objects, such as a converted airplane fuselage
What Should You Know About Unique Home Coverage?
Here are a few things to note if you are seeking insurance coverage for a unique home:
You May Need Property Inspection
You don't always have to inspect your home before buying homeowners insurance coverage, but there are cases in which insurers require an inspection. One of these cases is likely to be if you are looking for coverage for your unique home. This makes sense because a unique home may have risks, hidden or otherwise, that the insurer may not even be aware of. A home inspection will reveal what these risks are so that the insurance carrier can set the right rates for your case.
You May Need Specialty Insurance
In some cases, you may need specialty insurance coverage for your unique home. Specialty insurance policies are targeted at unconventional or unique homes that may not qualify for conventional homeowners' insurance. This is the type of homeowner's insurance coverage that homeowners with older houses or bad credit scores typically resort to. Therefore, if your search for conventional insurance quotes is not yielding promising results, it may be time to look for specialty coverage.
The Rates May Be Relatively High
Lastly, you should know that coverage for your unique home may be slightly expensive as compared to coverage for a conventional house in the same area. This makes sense because such a house represents a higher risk to your insurance carrier than they are used o dealing with. in fact, in some cases, the insurer will be taking on unknown risks by agreeing to sell you coverage. As such, the insurer has to protect their interests by raising the rates accordingly.
If you have any more questions regarding this subject, an agency like Oliveira Insurance Agency should be able to help you.