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Home insurance questions to ask before buying a homePosted On Mon, May 10, 2010
Before purchasing a home, consumers should take into account how much it will cost to insure it, the Insurance Information Institute said.
Two key questions should be asked before buying a house. The first is how much the homeowners insurance will cost, and the second is if any separate coverage will be needed in the event of a natural disaster, the III said. Insurance must be paid as long as a person owns the home and factoring that cost into a monthly budget is advised.
The cost of homeowners insurance can be influenced by a number of things, the III said. Premium cost can depend on how close a home is to a fire department, how well-maintained electrical and plumbing systems are, and the vulnerability of the property to wind damage or a natural disaster. "Homes built by reputable builders using disaster resistant materials and designed to meet current building codes are likely to better withstand natural disasters," the III said.
Helpful information about the insurance cost can be retrieved from a home's loss history report.
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