WEDNESDAY, JANUARY 6, 2016
Triest Agency has been insuring historic homes in Charleston since my great grandfather, Montague started the firm in 1903. In recent years the cost to insure these homes has skyrocketed. The premium increases can be attributed to our exposure to hurricanes but we've always had hurricanes. So what's up with that? Hurricane Hugo that hit Charleston in 1989 was the first of the modern day hurricanes to cause billions of dollars in damage. Back in the 1950s when Charleston had two hurricanes, Hazel and Gracie Charleston wasn't as populated, renovated or developed. The homes that these storms destroyed on Charleston beach areas, Folly Beach was probably hardest hit, was minor compared to modern times. The types of homes built in the past were cottages or simple beach homes that could be easily repaired or replaced with a significantly lower value that today's homes The historic homes in Charleston have been renovated in record numbers since the 1970's. The renovations spurred a flood of interested buyers who have ratcheted up the price of these homes. When I first moved back to Charleston in 1987 the highest valued home to sell in historic Charleston was $3 million. Now in 2016 there are condo's in Charleston over $3 million and homes selling for tens of millions. What does this have to do with insurance? Everything. All of this increases building cost and the cost to repair historic buildings is at an all-time high. Naturally the cost of insurance or the premiums charged will follow which it has.
What can you do to lessen the insurance burden? First of all you need to call my agency. We're experts at insuring these homes and being a native I know these houses. I know what it takes to present a potential home to an underwater to get the lowest premiums. Insuring historic homes in Charleston is not like insuring a simple 1965 ranch on James Island. The cost to rebuild is much higher and these homes are much more complex. Its time to call us at Triest to look over your current insurance policies. We'll review any policy you have with any agency. There is no charge for this service and at times we will recommend that you keep the current policy but make changes to close coverage gaps.
Call Triest Agency today for your historic Charleston home insurance at 843-556-6232.
4th Generation Owner