Before the purchase of a new home can be finalized, if you are getting a loan, you are going to need to have insurance lined up. Before your title and escrow is complete, you are going to need to have a homeowner's insurance policy, which means you need to know in-depth details about the home you are buying in order to purchase the right policy.
How Old Is The Home
First, you need to know how old the home is. If the home had an addition that was added onto the house at a later date, you need to know which portion of the house was added on and the specific year that the addition was added on.
Square Footage of the Home
Second, you need to know how big the home is that you are purchasing. You are going to want to know the square footage of the home, the garage, the patio, and the basement.
How Old the Plumbing & Electric Work Is
Third, you need to know how old the plumbing and electrical work in the house is. This is a feature that is often upgraded in homes, so try to find out from the buyer if either the plumbing or electrical have been updated and if it was a whole-house update or if just part of the home was updated.
What Security Measures the Home Has
Fourth, you need to know what security measures the home has in place. This requires paying close attention when you tour the house and to the home inspector's report.
You need to know if all exterior doors have deadbolts on them. You need to know how many fire alarms there are and where they are located. You need to know if there is an alarm system present in the home.
Extra safety features such as storm windows, shutters, and strong exterior doors are all features that could have a positive impact on your house premium.
If Any Previous Claims Were Filed
Finally, if possible, try and find out from the previous owners if they filed any insurance claims on the property in the past few years. Previous claims on the property could impact your overall homeowner's insurance premium rate, depending on the type of damage and the effort put forth by the original owners to fix the damage.
When getting insurance quotes for a home you are in the process of buying, it is really about the details. The more you know and can share about the home, the more accurate your homeowner's insurance quote will be. Remember, you need to get homeowner's insurance before your loan can go through.