[MassHistPres] FW: [forum-l] Possible cancellation of property insurance in localhistoric districts

[Stowell, Stephen]

FYI for those of you not on Trust listserve.
 
-----Original Message-----
From: KERRY C MC*GRATH [mailto:ciarraideia at msn.com]
Sent: Tuesday, October 30, 2007 11:05 AM
To: Forum-L at lists.nationaltrust.org
Subject: Re: [forum-l] Possible cancellation of property insurance in localhistoric districts


I do not believe there is a legal basis for canceling a homeowner policy because it is in a historic district.  
 
Rather, I think there may be some long held biases and perceptions.  For example, many historic districts used to be or are coming out of "slum", "low income", "tough neighborhood" etc. status. In effect, there is a perception that historic properties are in high risk areas.   Frequently, assessors under value the historic properties,  even if the property  have been rehabilitated.  This in turn makes it difficult to insure a building for its post rehab. value.  
 
Am pretty sure the Trust has a publication that deals with the assessment issue.  Also, the Trust has an arrangement with Chubb (it used to be Chubb) to provide coverage for historic properties.  
 
Hope this provides some direction as to where you can go for substantive answers.  How, have other Mass. communities dealt with this issue?  Am sure it has arisen across New England. and along the East Coast for that matter.
 
Kerry McGrath
 


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