Intro to Homeowner’s Insurance
There are many factors to consider when buying a home. We look at mortgage rates, property taxes, school districts, and the safety of the neighborhood we have in mind. These are all fantastic thoughts that will likely lead to a happier purchase, but we don’t want to overlook another important component—Homeowner’s Insurance. That is an expense you will be paying for as long as you own the home.
Being prepared and aware of everything involved will lower the stress of buying a new home. Read on for some tips about how to approach homeowner’s insurance insightfully.
First and Foremost, Credit
Your credit score is going to play a huge role in buying a home. Before getting involved with the process, it is smart to look up some credit reports, print one out, review it for errors, and contact a bureau about any mistakes.
Considering a Home
The Quality and Presence of a Local Fire Department
Insurance companies mark the proximity of a local fire department as an important criterion. They also want to see a community with well-trained firefighters, the proper equipment, and sufficient water supply. Living by a fire hydrant is beneficial too.
How Close to the Coast?
A home closer to the coast is going to cost more to insure. This cost is usually a percentage deductible rather than a fixed dollar amount. With a fixed dollar amount, you would be responsible for a flat rate, say $500, and in the case of any damages, no matter how expensive the fix, that’s all you pay. With a percentage deductible your liability changes depending on the cost of damage. Say your rate is 2%, with $25,000 worth of damages, you would then be liable to pay $500.
Age of the Home and Being Up-to-Code
Vintage style homes have their appeal, but they also come with vintage style construction. Old walls and floors may be costly to replace. The way the heating, plumbing, and electrical wiring were set up may be expensive to repair.
Homes built with modern building codes are more likely to endure natural disasters and time. Ensuring that the house you’re getting ready to buy is up-to-code can help lower your insurance premiums.
Condition of the Roof
The quality and protection of the roof can qualify you for homeowners insurance discounts.
Standard homeowner’s insurance policies won’t cover flooding. The government offers plans though like the “National Flood Insurance Program” or NFIP.
Swimming Pools and Extra Liability
Homes with a swimming pool are subject to higher liabilities and need extended insurance plans.
If you are having guests over in general, it might result in somebody getting hurt. With the accident on your property, you’re liable, and so having the right extended insurance to cover the event is both cautious and smart.
Make It Easy!
It’s normal to get overwhelmed by how many details and considerations you as a home buyer have to go through. It’s supremely important though that this significant investment for your future and family is handled with care. If it’s hard to imagine taking it all on alone, you can find every bit of help you need at Absolute Choice Insurance. We are happy to assist you with your homeowner’s insurance here in Florida, and look forward to guiding you through a smooth and easy process.
Contact us today, by phone at 407-344-4444 or via our website at www.absolutechoiceinsurance.com.