Most insurance companies prefer homes that are 35 years old and newer because there is a better chance that the plumbing is current, meaning PVC and copper pipes. The heating units are more modern with current code parts… the roof of the home is more likely to be in good shape… and less likely that the home will have lead paint, as well as the electric components of the house are more updated to current codes as well.
If a home has been completely remodeled and was built in 1900 to 1950 there are insurance companies that will write that house but will also make sure to rate for whatever the house is lacking in, and therefore will be cost prohibitive for the client.
Recently I had two homes to insure…a home that was built in 1920 which had everything remodeled but the garage had issues the companies would not like, so therefore it did not get a competitive rate… the other home was built in 1900 and some deficiencies were found on the property that could be dealt with but the company rated the home high, so again not a competitive rate…
Compare that to a home built in 1975 or 2002 that is completely up to date on everything, the clients saved 50% from their previous insurer…yes, 50%! They went from 4200/year to 2100/year with better coverage. Does that always happen?... NO!… but very possible.
Why the discrepancy… see my next post.