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 When Katie and Doug bought their beautiful 1940s bungalow in Oklahoma City, they were enchanted by its charm. The hardwood floors creaked with history, the clawfoot tub gleamed with character, and the craftsmanship was unlike anything they'd seen in a newer home. But within weeks of moving in, a small electrical fire in the attic gave them a new perspective. Their standard homeowners policy didn’t fully account for the quirks of their older home. That experience taught them a valuable lesson: not all insurance policies are created equal, especially when it comes to older homes. Why Insurance Companies Treat Older Homes DifferentlyInsurance companies assess risk based on how likely it is that they’ll have to pay a claim. Older homes often have outdated wiring, aging roofs, deteriorating plumbing, or even building materials no longer considered safe. These elements raise red flags for insurers, leading to higher premiums, limited coverage, or required upgrades. An insurance policy for an older home in Oklahoma City may cost more than one for a newly built home, and it may also come with more exclusions or special terms. This is why homeowners should work with an experienced insurance agent who understands how to properly evaluate older homes. Common Risks Associated With Older Homes Before you purchase or renew insurance on an older property, it helps to understand what specific issues can impact your coverage or claims. Electrical Systems Many older homes still have knob-and-tube wiring or fuse boxes, which are considered fire hazards by many insurance providers. Some insurers won’t cover homes with these systems unless they’re upgraded. Roof Age and Materials A roof over 20 years old may be excluded from full replacement coverage. Some policies only offer actual cash value instead of replacement cost for older roofs. Plumbing and Water Damage Galvanized pipes corrode over time and are prone to leaking or bursting. This increases the risk of water damage, which can lead to costly repairs. Foundation and Structural Issues Homes that have shifted due to Oklahoma’s soil or weather can have foundation problems that are expensive to repair and sometimes excluded from standard policies. What Types of Coverage Should You Look For?If you live in or are buying an older home, your insurance policy should reflect the unique risks that come with it. Replacement Cost Coverage Instead of settling for actual cash value (which accounts for depreciation), look for a policy that includes replacement cost coverage. This can help you rebuild or repair without having to come out-of-pocket for decades of wear and tear. Water Backup Coverage Standard policies may not cover water damage from sump pump failure or backed-up drains. Consider this add-on if your home has an older drainage system. Ordinance or Law CoverageIf your home needs to be rebuilt after a covered event, building codes may require costly upgrades. Ordinance or law coverage helps with those additional expenses. Extended Dwelling Coverage Older homes may cost more to rebuild than their market value would suggest. Extended dwelling coverage provides an extra buffer if construction costs are higher than expected. Tips for Oklahoma City Homeowners with Older PropertiesYou don’t have to panic if you own an older home, but it does pay to be proactive. Get a Home Inspection Before you shop for insurance, hire a professional to assess your home’s systems. This can help you identify areas that might concern insurers and allow you to make updates ahead of time. Work With an Independent Insurance Agent Captive agents only represent one insurance company. Independent agents, like those at Oklahoma Insurance Professionals, can shop across multiple insurance providers to find a policy that fits your home and budget. Keep Records of Upgrades If you update electrical, plumbing, or the roof, keep detailed receipts and contractor information. This can lead to lower insurance premiums and help during a claims process. Understand Policy Exclusions Older homes may have more exclusions than newer ones. Make sure you read the fine print and ask questions about what’s not covered—like wear and tear, outdated systems, or structural settling. Oklahoma Insurance Professionals Knows Older HomesWe understand that homes in neighborhoods like Mesta Park, Crown Heights, or Heritage Hills have character you can’t replicate with new construction. But they also come with quirks that need to be accounted for in your homeowners insurance policy. At Oklahoma Insurance Professionals, we’ll help you compare coverage options, understand what your policy includes, and make recommendations that reflect the true condition of your home. Serving Oklahoma City and Surrounding Areas Whether you live in Edmond, Norman, Moore, or anywhere in the greater Oklahoma City metro area, we’re here to help. Our team works with insurance companies that specialize in unique properties, older homes, and everything in between. Reach out today for a quote or a review of your current homeowners policy. We’re ready to help you protect what matters most.
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