What You Need To Know About Homeowners Insurance When You Are Buying A House
Inspections & Discounts
Home Inspections: Two of the most common inspections required to obtain homeowners insurance are a 4- Point Inspection and a Roof Certification. If the home you are looking at purchasing is over 30 years old more than likely you will be required to get a 4-Point Inspection done. This inspection goes over the condition of the roof, electrical system, plumbing and A/C system and costs anywhere from $65.00 to $100.00. If the home is over 20 years old and has a hip or gable roof (see pictures below) you will need a Roof Certification done to prove that the roof has 3-5 years of useful life left. If the home has a flat roof, the roof certification will be required if the home is over 10 years old. The cost for this inspection can range from $45.00 to $80.00.
Homeowners Insurance Discounts: One of the most common ways to save a lot of money of your homeowners insurance is to have a Wind Mitigation Inspection done. This inspection evaluates how well the home would withstand a wind storm. Here are the main things to look for to see if the home qualifies for wind mitigation discounts:
- The roof has been replaced since March 2002
- The home has a hip roof (see pictures below)
- There are hurricane clips connecting the roof to the walls (look in the attic and see the picture below)
The cost of this inspection can range from $65.00 to $150.00 but it could save you anywhere from $100.00 to $800.00 annually if the home has any of the above features. There are also discounts available if all the openings (doors, window, etc.) have hurricane protection and if the home has an alarm system that is monitored.
Preferred Inspection Company:
Homeworks Inspection Services
1300 N. Betty Ln
Clearwater, FL 33755
Q & A:
When should I start looking for homeowners insurance?
You should start shopping for insurance when you are getting ready to or have made an offer on a house.
When can I purchase the homeowners insurance for my new home?
You can bind your homeowners insurance policy as soon as you have a firm closing date set. If you are escrowing your insurance and taxes the mortgage company will be billed for the premium at closing, if not you will have to make the payment when you bind the policy.
Are the insurance inspections the same as the home inspection?
No, the home inspection you have done before you purchase the home is different than the 4-Point, Roof Certification and Wind Mitigation inspections done for insurance purposes. Some inspection companies do give discounts if you have all the inspections done with them.
Does homeowners insurance cover flood?
No, homeowners insurance does not cover flood. Flood insurance is a separate policy and will be required by your mortgage company if the home is in a flood zone. Check with your insurance agent to see if the house you want to buy is in a flood zone.