Lafayette and West Lafayette have some of the most beautiful older homes in Indiana. If you own one, you already know the charm: plaster walls, original woodwork, big front porches. Older homes also raise a few insurance questions that newer houses don’t. Here is what to think about.
Our historic neighborhoods
Tippecanoe County has more than a dozen historic districts on the National Register of Historic Places. In Lafayette, they include Centennial, Downtown Lafayette, Ellsworth, Highland Park, Jefferson, Ninth Street Hill, Park Mary, Perrin, St. Mary and Upper Main Street. In West Lafayette, there are the Chauncey-Stadium Avenues, Hills and Dales and Happy Hollow Heights districts, and Battle Ground and Dayton have historic districts too.
Insure for the cost to rebuild, not the sale price
Your dwelling coverage should be based on what it would cost to rebuild your home, not what it would sell for. For older homes, those numbers can be far apart. Rebuilding with plaster, hardwood trim, custom millwork or a slate roof can cost much more than the home’s market value suggests. Ask your agent how your replacement cost was calculated, and update it after big renovations.
Ask about ordinance or law coverage
If your home is badly damaged, the city may require the rebuilt portion to meet today’s building codes. That can mean new wiring, plumbing or other upgrades your policy may not fully cover on its own. Ordinance or law coverage helps pay those extra costs, and older homes are where it matters most.
Wiring, plumbing, heating and roof
Insurance companies often ask about these systems when they quote an older home:
- Electrical: knob-and-tube wiring or an old fuse panel can limit your options.
- Plumbing: some companies ask about older galvanized steel or cast iron pipes.
- Heating: the age and type of your furnace or boiler.
- Roof: its age and material, and whether it will be covered at replacement cost or actual cash value. See our post on ACV vs. replacement cost for roofs.
Keep receipts and dates for updates. They can make it easier to find coverage and may help with your price.
Water backup and flooding
Older sewer lines and basements can be prone to water problems. Water that backs up through a drain or sump pump is usually not covered unless you add water backup coverage, and flood damage needs a separate flood policy. Read more about flood insurance in Tippecanoe County.
Document the details
Take photos or a video of the features that make your home special, such as built-ins, stained glass, mantels and trim. If you ever have a claim, those records help show what needs to be restored.
Why an independent agency helps
Some insurance companies are more comfortable with older homes than others. Because Lafayette Insurance is independent, we can compare several companies to find the right fit for your house and your budget. Learn more about home insurance, or call or text us at 765-474-2300.
Curious how these neighborhoods came to be? Read a short history of Lafayette and West Lafayette.