We all know buying a home is an exciting time, but it’s also stressful and hectic which can mean overlooking things like insurance.
Make sure when writing an offer to include insurance as one of your subjects. Overlooking this can sometimes mean incurring huge additional expense to make the home insurable.
There are a number of things one needs to consider, especially when it comes to older homes.
- What kind of electrical system does it have? Fuses, knob and tube? Is the panel big enough to handle planned renovations?
- How about the water lines? Are they copper, plastic or something different?
- Also think about wood burning stoves, fireplace inserts, maybe a fuel tank leftover from an old heating system and has the home ever had a grow op?
All of these are important facts that need to be considered before completing on any home. Lastly, be sure you leave at least a week for your insurance broker to organize and place protection. Most times we can arrange it same day but special circumstances may require longer. Especially if there’s a mortgage on the property as nothing will happen until the bank has confirmed protection is in place.
If you have any questions about buying a new home or seliing your existing home, please give us a call we will be happy to answer your questions.