Now may be a great time to buy a new home. With market values and mortgage interest rates at incredible lows, it could be one of the best long-term investments you ever make. Just keep in mind that your homeowner’s insurance is based on many different factors which you might want to consider before you buy a home.
Homeowner’s insurance
- If you are buying an older home, have the plumbing and electrical systems been updated?
- How close is the home to a fire station?
- You may want to consider earthquake coverage. Neither earthquakes nor floods are covered under the standard home policy, but separate coverage can be purchased to cover both of these risks.
- How old is the roof? Some insurers may limit coverage if there is existing unresolved roof damage.
- Is the property located in a flood zone? If it is, you will need to purchase flood insurance to satisfy the mortgagee.
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