Buying a House
Insurance may not be your first thought when you start thinking about buying a house. But don’t let it be your last!
Call your team at WHINS Insurance Agency early-on to avoid unpleasant surprises and maybe even save some money. We can help you make this process as smooth and stress-free as possible.
Simply follow this short checklist of house-buying tips that you should be aware of, from an insurance point of view:
Choose your own insurance
Just like property taxes have become commonly rolled into an escrow account and made part of a mortgage payment, so have homeowner’s insurance payments. Every lender requires that you have homeowner’s insurance in place. But that doesn’t mean that your mortgage company has to determine your insurance!
We can help you find the right protection at the best rate for your new home. All you have to do is get us involved early.
How far is the nearest fire station?
The distance of the nearest fire station has an impact on your homeowner’s insurance rates. The further away the nearest fire station is located, the higher the rate. If you ever had a fire, every second counts. With no fire department nearby, the risk for a major or total loss of your home is much higher.
And insurance companies charge for higher risk.
Don’t get bounced by a trampoline (or pool)
There are an estimated 3 million trampolines in US backyards, and injuries caused by trampolines are steadily on the rise, averaging over 240,000 medically treated injuries every year. Over 180,000 involve children aged 14 and younger.
Severe spinal cord and head injuries are not uncommon in these types of injuries.
If the trampoline is located on your property and somebody – invited or not – gets injured while using it, you will be held responsible for the damages. That may mean many years of medical payments, or worse.
A trampoline is considered an “attractive nuisance”. Some carriers will not write a homeowner’s insurance policy for a home with a trampoline. Others may write it only if the trampoline is inside a 6-foot fenced area with a self-locking gate.
Swimming pools are also considered “attractive nuisances” and are treated similarly.
Part of a Homeowner’s Association? Check your association’s Master policy.
Living in a homeowner’s association can have its pros and its cons. But fact is that more and more condo, town-home, and other communities are bound together by a Homeowner’s Association. For each homeowner, that usually means an annual fee.
What does the homeowner’s association have to do with your insurance? Quite a bit, actually: From an insurance standpoint, if anybody got insured on the association’s joint property, such as, for example, a walkway or a playground, the association would be held liable. That’s why each homeowner’s association has a Master policy in place. The question is: What does the Master policy cover?
Some Master policies don’t provide high enough protection, so if a loss occurs that exceeds the policy limits, each homeowner in the association will share an equal part in the liability. In that case, you may be required to pay a share of hundreds or even thousands of dollars.
If you don’t have the right protection on your homeowner’s insurance, that money would need to come out of your pocket. Luckily, your homeowner’s insurance can be adjusted to provide you with adequate protection
Located in a flood zone? You might need flood insurance.
A house near a river or the beach is a dream for many. But if that dream home is located in a flood zone, your lender may require you to have flood insurance in addition to your standard homeowner’s insurance policy.
Get a quote from us. We specialize in all your personal insurance needs and can help you with your flood insurance.