Buying a home always seems to be an adventure, doesn’t it? When the process is quick, smooth and efficient we take it for granted; when it isn’t, we curse it and bemoan our luck. But there is more to purchasing a new home than just finding the right home at the right price, you’ve also got to take into account local schools, commute options, its distance from entertainment opportunities, and, oh yeah, the insurance implications.
We know that insurance probably isn’t your first thought when buying a new home, but taking it into account now can save you money down the line. Here are a few things to be on the lookout for when buying your next home.
Home Buyers Insurance Implications
The Insurance Information Institute recommends that you answer the following questions before purchasing a new home:
What is the flood risk?
Remember, Flood Insurance rates are determined by your likelihood for flood. If you are in a high-risk flood plane then you will be paying more than if you lived in a lower risk area.
Am I in earthquake country?
You don’t have to live in California to be at risk for an earthquake. There are fault lines all over the country (particularly on the West Coast) and you need to figure out if your home is at risk for a quake.
How close is the nearest fire department?
The closer you are to the local fire department the lower your Home Insurance costs.
Is the plumbing and electric up to date?
Outdated plumbing and electrical systems cost more to insure, and may also pose a greater risk for fire. See above.
What is my risk for wind damage?
Before purchasing that vacation home on the beach you will need to make sure that whatever insurance policy you purchase will include protections against wind damage.
Contact Joyce, Jackman & Bell Insurors for more information on getting the right insurance coverage for your new home!
Source - Are You Shopping for a New Home? Take into Account the Insurance Implications of Buying a Specific House
Photo - © kimiko16 - Fotolia.com