You have found your dream house. The whole family loves the place. You have a great big backyard with friendly neighbors. The school is just a few blocks away. You are closing on it and now you are down to the final thing. You have to buy insurance. Since your home is your single biggest investment, it is obviously very important that you make sure you have the proper insurance.
Before you get that policy your home may have to go through a home insurance inspection. This is exactly what it sounds like. The insurance company will do an inspection of the home to determine rather or not a home is 'insurable'. Banks won't lend money on a home without insurance.
Be aware that just because your home passes a general inspection does not make it 'insurable' or make it pass a home insurance inspection. Many home inspectors will comment on things in a house that will make insurance difficult to obtain. The home inspector is not qualified to tell you what is 'insurable'. Different insurance carriers have different underwriting standards. This is why your prospective insurance agent will make the final call in the matter.
There many reason why a home can be deemed 'uninsurable'. A house built before 1900 is tough to get insurance on. Missing staircases, old electrical systems, and believe it or not, climbing vines and ivy can also be reasons that your insurance agent might say no.
On the flip side, your insurer might not require a home insurance inspection. They may know enough about the property and area that they can go by your description of the home. In some cases, they may just come take a few photos. There are a lot of factors that go into it and every insurance company is different.
When you are in the market to purchase a home, ask your realtor a lot of questions. When the home inspector comes, walk through the house with them and have them point out potential problems. Make sure everything is fixed and on the up and up before the insurance carrier of your choice even hears about the place.
When choosing a home inspector find the best one available who will tell you exactly what is going on with your potential home.
After you have had your home insurance inspection, there are many ways that you can save money. Have your home owner's policy and the policy for your automobiles be with the same company. This will lead to a discount.
Home Insurance Inspection
Brock Timberman is a staff writer for Platinum Web Services.
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