Updated Insurance for renovated property

[Roger Flot]

I was reviewing some renovated listings in my area and one indicated that even though the house was originally built in 1920, because of all the renovations bringing the house to current code, that you could get 2024 rates on insurance.  I imagined that to mean that a 1920 home with no renovations would cost more to insure than one updated to 2024 specifications.

Is this something that is just "known" to flippers/renovators and I am just coming across it?

Does anyone know how insurance companies evaluate these properties and whether or not real value can be realized for insurance for renovation?  Are there any guidelines or best practices (ie: rewiring such a property would be more valuable than updating insulation).

Is it something you need to ask the insurance company about to get, or is all this determined in the initial interview with the potential insurer?