Keep these insurance considerations in mind when purchasing a home.
If you’re in the process of home buying, you may well be overwhelmed with the number of things to consider. Whether you are looking for your first or fifth home, it’s important that you remember to consider insurance. You’ll need to protect your new property against damages and more, which is where an insurance policy steps in. To help, we’ve added a few insurance factors to consider when insuring your property.
The location
The location of the property plays a significant role in determining your insurance premiums. Homes that are located near fire departments (or even water hydrants) often face lower insurance rates because the risk of total damage from fire is lower. Other factors can be location in relation to brush, woods, or forested areas; areas with repeated hail and wind claims; or higher crime statistics. Any or all of these can indicate likely higher premiums.
Prior loss history
Insurers will look at the property’s insurance history when determining your premiums. Any previous loss claims that involved filing a home insurance policy can possibly have an adverse effect on your new home – even if the previous homeowner was the one who filed it.
Condition of the home
The newer the home, the better the rate will be with most carriers. If the home was built with disaster-resistant materials by a reputable builder following local codes, you can expect a reasonable premium. If the condition of the plumbing/electrical systems is poor, the insurer will see this as a possible risk and increase the premium,
Now that you’ve found your new property, be sure to secure reliable insurance! The professionals at Reata Insurance Group is here to help! We serve Lakeway and the entire state of Texas with reliable home insurance that you can trust. Contact our helpful team to get started today.
