In today’s hard insurance market it can be difficult to find the best coverage at an attractive price point. Before purchasing a new property there are a few things you should absolutely know before making the decision.
The age of your home. Insurance companies like to insure newer homes as they are built to the latest standards and codes. Some insurance companies will even offer a discount based on the age of your home.
Electrical updates. For example some insurance companies consider aluminum wiring or fuses more high risk. You want to know if the wiring has been replaced with copper and the last time the electrical systems have been updated.
Age of the roof. Insurance companies like to see a well maintained home. Replacing the roof regularly is important.
Age and type of plumbing. Another update insurance companies like to see is the plumbing. They also like to see updates of the water heater.
Another important thing to insurance companies is the age and type of the heating. Some types of heating such as oil or pellet stoves can be considered more high risk. Insurance companies like to see modern sources of central heat.
Backwater valves and sump pumps. Insurance companies like to see flood mitigation devices installed. You also should inquire if there is a history of flooding in your area.
Distance to hydrants and fire stations. The closer you are to a fire station the quicker emergency services can reach your property.
It is best to get the answers to these questions and more before purchasing a property if you would like to have the most choice in your insurance options. Feel free to give one of the brokers at Absolute Insurance a call or email us if you’d like to know more!