Since our inception in 1929, we have insured historic properties. Having purchased and renovated an historic building on Commerce Street (formerly known as The Implement Store) in 1982, we gained further knowledge to understand the complexity of insuring historic properties. Today we insure over eighty-five million dollars worth of properties in downtown Montgomery.
Allow us to put our expertise to work for your company or organization so you can experience confidence moving forward.
We know the risk specific to owning historic property.
Historic properties have specific exposures to risk that must be adequately addressed. Some of the areas that must be addressed include:
- Insurance to Value
- Agreed Value
- Property Settlement Options
- Building Law or Ordinance Coverage
- Equipment Breakdown
With the complexities of calculating replacement coverages for a historic property, having an insurance agency who understands your exposures and how to accurately calculate historic property replacement values is critical. We know the risk you face and the steps to take in order to protect your historic property.
Give us a call to learn how we can design an insurance program to protect your historic property.
Success Story – Historic property owners avoid losing over $200,000
When a water pipe burst in an historic downtown building over the weekend, the basement flooded with over one foot of water by the time the leak was discovered. Over $200,000 worth of damage occurred to the building, equipment, furniture, and business files. What was not destroyed by the initial flooding, had a potential of being contaminated with mold.
Most insurance policies have very limited coverage for mold damage. However, we knew from our experience with historic buildings to make sure their policy included substantial coverage for mold damage. Therefore, their insurance company, without question, hired a professional to perform mold remediation. After the initial claim was paid, our client found additional expenses that needed to be paid, so we negotiated payment with the insurance company on our client’s behalf. The end result was a promptly, paid claim and a satisfied client.