As the buyers’ market continues, it’s logical that creates more opportunity for buyers to invest in homes for the first time in their lives. As with almost all “firsts” there can be some surprises.
Home insurance can be one of them.
Whether the first-time buyer goes shopping for a policy or enlist the services of an insurance broker, they’ll need to be prepared for that first meeting. What’s elementary for people who have bought and sold homes years can be a surprise for first-time buyers. There are things they’ll need to know about the house they are buying, or have bought, and things they’ll need to divulge about themselves.
About the house: When was it built? What building materials were used? What are the details about the roof — both the timeline and materials when it was built or replaced? Renovations…when and where? What financial institution is holding the mortgage?
About the incoming homeowner: Age of the homeowner, insurance claim history and credit score. Does the property come with liabilities such as a pool or hot tub, tree forts, trampolines, even pets?
For more on home insurance, check the October issue of News From Nexus. It should be available by the first weekend of October and signing up to receive it is as easy as entering your email address in the box at the bottom of this page.