When looking for a home, make sure that it is constructed well and does not have any major faults. Once you buy a faulty home, you will end up spending a lot for repairs and for homeowners insurance as well.
So how do you avoid buying a faulty home? Properly investigate the house before buying it. Some of the pre-cautionary measures you can take before buying a home are:
Natural disaster free zone
When you are buying a new home, make sure that it is situated in a natural disaster free zone. Natural disasters make up the highest rates for homeowners insurance. The area you buy your home should be free of disasters like mudslides, earthquakes, volcanoes, tornadoes, and wildfires. These types of disasters can almost destroy your whole home and unfortunately this will in turn increase your homeowners insurance rates. There are policies that cover these types of catastrophic events but they can run you an extra $3,000 or more in premiums every year.
Locate the nearest fire department
When you’re buying a home, opt for a place near the fire department because most insurers charge extra if the fire department is too far away. The reason is that if a fire starts and the fire department is far away, it will cause more damage to the house as the firetrucks will take longer to reach the location. Try to buy a house close to a fire department so that you don’t end up paying higher premiums.
Buying an old home
Opting for an older home has its drawbacks. Older homes often have ornate features which lead to high replacement costs. Ask the home owner to provide you with all the past insurance claims on the home and make sure to see if the repairs were made. If there were a lot of insurance claims in the past, don’t buy the place. It will most likely start falling apart and your insurers will not agree to pay for it. You’ll just end up paying double.
Some of these tips might make you reconsider your home buying decision or maybe not. Older homes do have their own charm despite the problems. Make sure you have done your research and then head out to buy your new or older home; this could help save you a lot of money on your insurance premiums.