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Shop For Home Owners Insurance While Shopping For Homes
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 As a prospective homeowner you know that getting pre-qualified for a loan should occur before you even begin looking houses, but did you know you should also talk to your insurance company to get a free insurance quote before you make a final offer, so that you know if you can afford to insure your dream house.
Factors To Consider When Selecting A Home Insurance Policy
It's also a good idea to consider the insurability of each house you look at, in order to avoid disappointments or excessively high premiums later on. Some factors to consider are:
- Smoke alarms. Most states require at least one, and your insurance will be less expensive if you have more. Also look for existing security alarms.
- Yard equipment. If the home comes with an outdoor pool or trampoline, especially if the yard isn't fenced, your insurance premium may end up being much more expensive than you originally planned.
- Electrical systems. If you're shopping for an older home, be sure to confirm that the electrical system has been updated, and meets current codes.
- Fire protection. Is there a fire hydrant near the home? How far are you from the fire station? Each of these things has an impact on how much you pay for insurance.
- Roof. Make sure the roof is in good condition, with a significant warranty left, and ask for a roof inspection if you have any concerns.
Additiona Items To Cover In Your Insurance Policies - After You Move In
Once you've moved into your new home, it's a good idea to re-read the insurance papers you signed, paying special attention to the "conditions and coverages" section to see what exclusions there are. This is especially important if you plan to add:
- A wood stove or gas fireplace. Your insurer may require a safety inspection, and a photograph or diagram to make sure there is adequate ventilation and heat shielding.
- A new car - you may want to boost liability coverage on both your home and auto insurance in that case.
- A dog. There's nothing like completing the family by adding a pet, especially a dog, but there are eleven breeds which have been identified as "likely to bite" by the insurance industry, that are generally not covered when they inflict damage. Those breeds are: Akita, Alaskan Malamute, Chow Chow, Doberman Pinscher, German Shepherd, Pit Bull, Presa Canario, Rottweiler, Siberian Husky, Staffordshire Bull Terrier, and Wolf hybrids, aka Wolfdogs.
The price of insurance is not likely to be a deal breaker, especially if you're otherwise in love with a house, but being aware of issues that could affect insurability may help prepare you for after the loan closes and the mortgage - and insurance - payments begin.
This Article is designed to be of general interest and should not be considered accounting, legal, or tax advice. The specific information discussed may not apply to you. Before acting on any matter contained herein, you should consult with your personal attorney, tax adviser, or accountant.
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