If you purchase a home or rental property, the following items will impact your home insurance premiums. Uncover these points before you make the investment.
Factor them in to the purchase price and budget.
* Age of the property: The newer the better.
* Location: Some locations may have a history of excessive claims due to water damage, crime, old infrastructure, etc.
* Roof: Age of shingles, type of materials, slope/grade.
* Plumbing: Newer materials such as copper & PVC are preferred. Any lead? Type of connecting valves may increase your chance of leakage. Any remediation such as sump pump, back-up sump pump, back flow valves?
* Electrical: Copper and breakers are preferred. Any aluminum, knob & tube, fuses?
* Heating: Forced air gas is preferred. Oil is becoming a greater challenge to manage, requiring specific safety enhancements and certification. Electric is becoming more expensive. Wood burning stoves require certification. Furnace age will have an impact. Annual inspections may be required.
* Hot water tank: Age will have an impact on your rate.
* Basement: A finished basement will increase your rate. What is the condition and age of basement windows and doors? Investigate the exterior grading. Are measures in place to repel excess water?
* You: Your age, experience as a consumer of insurance (including content/renter's insurance), vocation, smoker, record of payment may impact your rate.
* Photos may be required for older homes so condition of the grounds & exterior may have an impact.
* Other types of structures on the property may have an influence.