When you’re looking for a new home, the price of homeowner’s insurance typically isn’t top of mind. However, certain hidden risks can make getting coverage more difficult or expensive for new homeowners. Below are some things to consider, especially for first time home buyers.
- How close are you to a fire hydrant or fire station? Being in close proximity to a fire station with wide roads for easy access could make your home easier to insure.
- Is your wiring, heating system, and plumbing outdated? If any of the previous listed features are old or outdated, busted pipes and leaky water lines could result in serious water damage. Installing a whole-house water monitoring system may save you money on your homeowner’s insurance.
- Is your home located in a state that experiences earthquakes? According to a U.S. Geological survey, sixteen states are at high risk for earthquake damage that is typically not covered in homeowner’s insurance policies. Certain types of homes are also at higher risk of earthquake damage, including many homes built before 1980.
