Buying a Home? Check on Homeowners Insurance Before You Offer
When estimating the monthly PITI (principle, interest, taxes, and insurance) payment on a potential new purchase don’t make the mistake of using online payment estimators, and don’t take the advice of a realtor or mortgage broker. The cost of homeowners insurance Florida can change from day to day and is determined by many factors you may not consider when looking at a home to purchase. Before you sign your life away, be sure to have a solid understanding and expectation of what the insurance cost will be for the specific home you’re interested in. The only way to know for sure is to call a local insurance agency and receive a quote. Visit the original source for more details.
In most cases, a homeowner will be paying for insurance as long as they own their home, making insurance an important factor in the determining the affordability of a home.
When looking at homes consider asking the following questions which in turn may save or cost you money when it comes to homeowners insurance Florida.
– How old is the home?
The age of the home determines the building codes the home was subject to when it was constructed and in Florida that can mean the home is better able to withstand a hurricane.
– When was the roof last replaced and what is the roof covering material?
Different types of roofing material have different life expectancy which will affect the price and eligibility for insurance.
– What is the roof shape?
There are 2 basic roof types, hip, and gable, or a combination. It has been determined that hip roof shapes fare better in high winds and therefore provide additional discounts.
– What measures have been taken to reduce wind damage?
Things like how the roof is attached to the home, hurricane shutters, reinforced garage doors, and type of roof covering can drastically affect the price of homeowners insurance Florida, for more details, visit https://www.quickenloans.com/blog/find-right-homeowners-insurance-tips
– How far is the home from the nearest fire hydrant and fire station?
If there is no fire hydrants or fire stations near by the price of insurance could go through the roof or even be very difficult to find.
– Is the home in a special flood zone?
Although not covered by a homeowners policy, if the home is in a special flood zone your mortgage company will most likely require you carry a separate flood insurance policy with prices ranging from a few hundred dollars to thousands per year. In order to find out how much flood insurance will cost an elevation certificate should be obtained from the sellers.
– How far is the home from the ocean or intercostal waterway?
If the home is in an area considered to be “coastal” by the insurance company the price could be much higher than the same home just a few miles inland.
– What is the construction of the exterior walls?
– Is the home constructed with concrete or wood? The answer to this question may not always be clear. Some homes are concrete on the first floor and frame on the second. Check with your homeowners insurance Florida agent regarding the percentage of concrete required to be classified as a concrete construction home. A frame constructed home could cost much more to insure compared to a concrete home.