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What Insurance Factors to Consider When Buying a New Home

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Buying a Home? Consider These Insurance Factors

With home prices continuing to be competitive and interest rates low, many people are beginning to dip their toes into the real estate market. Regardless of whether you are a first time home buyer or a seasoned home buyer, it’s important to consider insurance when purchasing a property. You will need homeowners insurance in Renton, WA so it’s a good idea to know what to expect when buying your dream home. Be sure to ask yourself these questions so that you understand your home insurance needs.  

  • What’s the condition of the property? Homes that are well built and well maintained are ideal. If they were built by reputable builders using disaster resistant materials to meet current building codes, they are more likely to withstand natural disasters.
  • What’s the condition of the plumbing and electrical systems? Poorly maintained and unsafe systems can cost a lot more to insure.
  • How far is the home from the fire station? Houses that live near fire departments or even water hydrants are usually cheaper to insure because they have a better chance of minimizing fire damage.
  • Is the home at risk from flooding? Be aware that standard home insurance policies do not provide flood coverage, so if your new property is located near a water source, it’s a good idea to secure a separate flood insurance policy.
  • Is the home vulnerable to wind damage? If your home is located near the beach or coast, it may be more costly to insure than one inland.

A professional insurance agent can help in answering these questions and securing the right policy for your needs. Keep in mind that the size, location, construction, and overall condition of the property can affect the cost, choice, and availability of home insurance.

Are you ready to find the right home insurance policy? Visit the professionals at Humble & Davenport Insurance to get started on your tailored home insurance.