When looking for a new home, there are many things that you may be considering for convenience or aesthetic reasons, such as: location, number of bedrooms, a yard for your children and pets, etc. However, you may want to consider what your homeowners insurance will be once you purchase a home, and looking at certain factors can help you decide whether or not a house will be worth it.
Plumbing
If you are looking at older homes that seem to be in good shape on the exterior, consider what is going on underneath (and in the walls) of the house. Check for mold; that should be an automatic deal breaker. It is not only unsightly, but very dangerous to your health. Look for lead pipes, or ask your realtor if the house has them. They are useful, but an environmental toxin, and could add cost to your insurance. While assessing the pipes, check their size. This should determine the type of water pressure that you will have. According to FaucetDepot.com, pipes should be at least a ½” in diameter to provide adequate flow.
Location
It is well known that “location, location, location” is a major component in buying a house. That is true for reasons beyond just being convenient or desirable. When thinking about the location of a new house, you should consider if your area is vulnerable to natural disasters. If you are near a fault line, or in a centrally located area that is susceptible to mudslides, hurricanes, tornados, wildfires, or flooding, then you need to either count that location out, or seriously consider the risks. If you have assessed the risks and decided that you want to move there, talk to an insurance agent on what you can do to protect yourself and your new home.
Exterior Issues
Roofing, gutters, and the basic upkeep of the exterior of the house is one thing that you have to notice while walking around the property. If the gutters have not been properly cared for, it could cause leakage and water damage to your house later on. If the roof is new and weather resistant, you will be all set, and may even be eligible for a discount, or lower rate, on your insurance. On the other hand, if the roof is older or visibly damaged, you will end up owing more in the end.
Extras
While looking for a new place to call home, you may have some extras on your checklist: swimming pool, fire place, Jacuzzi, big yard for a trampoline and/or swing set. Any of these things could increase your risk factor and your insurance premium. Make sure that you are aware of the risks, and are willing to take on the extra costs.
Yourself
Believe it or not, your age, lifestyle, and home ownership status are all factors that could greatly benefit you (or not) while buying a house. If you are young and a first-time home buyer, your risk and rates could be higher. Adversely, if you have owned one or more properties, you are a lower risk factor. Certain lifestyle factors may affect whether your rates will be higher or lower. For example, if you are a smoker, you have a higher chance of starting a house fire. Therefore, your risk factor will be higher if you smoke.
Thinking about homeowners insurance while looking for a new home could benefit you in the long run. By looking at factors that could raise, or lower, your insurance rates, you could end up with the exact rates that you want. If you are in the process of buying a new home, call TJ Woods Insurance in Worcester, MA. We can help you asses how much insurance you need, and what types, and can answer any question you have about homeowners insurance in general.
