AI/BLC’s Darin Checchia Interviewed by Historic American Home Magazine
What special coverage needs do policyholders who own historic buildings need to consider when purchasing their property insurance policies?
Darin Checchia, Regional Vice President of Adjusters International/Basloe, Levin & Cuccaro (AI/BLC), was recently interviewed by Historic American Home Magazine (the official newsletter of the Society for Historic American Homes) about this important topic.
When asked how owners of historic homes throughout the US can prepare for the unique challenges and issues that they may face after a property disaster such as a hurricane, tornado, fire, or flood, Checchia suggests purchasing both replacement cost coverage – which covers the costs of replacing the antique and ornate details commonly found in older buildings – and law & ordinance coverage – which covers the cost of upgrading the structure to meet current local building codes. Why? Because the cost to upgrade/replace items in order to comply with legal requirements and maintain aesthetic design standards can lead to astronomical costs when repairing or rebuilding historic structures.
A historic home doesn’t necessarily mean a large home or an expensive home, but it is going to be more expensive to rebuild than the standard square foot cost in either a partial or total loss. Partial loss can often be more complicated, such as in a case where undamaged portions of the house are required to be brought up to modern code.
Regional Vice President
View the article, “All About Insuring Your Historic Home”:
The Society for Historic American Homes represents the interests of owners of historic homes and gardens to advocate for a favorable fiscal and economic climate in which to restore and maintain their properties.
For additional reading:
- Adjusting Today “Functional Replacement Cost: History and Application of Available Coverages”
- Adjusting Today “Ordinance or Law Coverage: Code for Recovery!”