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For historic homes, the chief insurance consideration is typically calculating replacement costs so that the building’s cultural and educational qualities—the factors that make it unique—can be restored after a damaging event. “If something happens that places the historic designation at risk, the property has to be able to [remedy] that or it will no longer have any value as a [destination for visitors],” says Richard Standring, Northeast regional manager for risk services at Fireman’s Fund Insurance Co.

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