Buying a home, whether it’s your first home or fifth, can bring a lot of excitement to your life. In spite of the stress, people find a great deal of enjoyment in viewing homes and planning out their future in a new space. If you’re considering a home purchase there are some insurance related considerations you should keep in mind.
The age of the roof
It’s no secret that North Texas gets a lot of hail. Hail, wind and brutal sun in the summer often shortens the lives of Texas roofs. An old or damaged roof can make getting insurance coverage from a reputable company difficult. Even if you are able to get the coverage you’re likely setting yourself up to have to file a claim the next time a bad storm comes through and pay the deductible to get the roof repaired or replaced, or even worse the insurance company may require you to have a scheduled or actual cash value roof coverage clause on your policy.
Prior claims and damage
Life happens. Especially in older homes it’s not uncommon to find that insurance claims and damage have occurred when prior owners were living in the home. The problem you can run into, though, as a homebuyer is finding out that those damages weren’t completely or properly repaired. If the damages weren’t complete or only partially complete that can result in a delay in binding the homeowners insurance which can slow down your loan closing and processing. Even worse, unrepaired damage could, in some instances, result in a claim denial.
Plumbing, Heating and Electrical
Of course, when buying a home, your inspector will make sure that the plumbing HVAC and electrical systems are all in working order. But in older homes, things like fuse boxes, galvanized plumbing, knob and tube wiring and older furnaces can result in denial of insurance coverage or exclusions for certain claims.
Dallas Homeowners Insurance
You’ve got a lot going on when buying a home. Let your Texas insurance agent make things a little easier by ensuring that the home your purchasing is properly covered so there are no surprises come claim time.
An independent insurance agent in Dallas, like Lewis Family Insurance Group, is your best bet as we have access to nearly two dozen nationally rated insurance carriers to find a policy that will protect your home and leave you with peace of mind.
If you’re considering purchasing a home in the near future and need a relator or loan broker, let us know so we can put you in contact with one of the proven professionals we trust to handle our clients home buying needs.