H03 versus H05 Insurance for 100 yr old home. (broker, house, New Jersey)

[number419]

I'm moving to new jersey and am getting home insurance quotes...and one thing my insurance broker told me was that I should get an H05 policy because it covers everything except what's explicitly excluded in the terms, whereas H03 is a named perils policy.

The H03 policy is about $1,000/yr, whereas the H05 is $1,450/yr.

The house we're buying is admittedly not in excellent shape, though the structure itself is fine...What do you think? Is it worth the upgrade?

Thanks!