Should my Realtor help me with homeowners insurance?
Your Realtor is your guide, in charge of helping you navigate around all the possible pitfalls and not-so-fun surprises that could cost you money when you're buying a new home. But your Realtor should also be taking into consideration the money you might be paying after closing day. We're talking about...homeowners insurance!
Before you even put an offer in on a home, your Realtor should be able to tell you how the age and location of the house will affect your insurance premiums. They ought to help you spot potential issues that would cause an insurance company to deny you coverage. If your Realtor isn't sharing these most important concerns regarding homeowners insurance with you as soon as you get serious about buying a house, then this video will help front-load you with information so you can protect yourself from an uncomfortable experience!
In this video, Jacksonville local insurance broker Brandon Bascelli discusses three main questions you can ask to get an idea of what you'll be paying for insurance. Of course these aren't the only three you'll need to consider, but they're a great start!
1. What is the age of the roof? A roof younger than 15 years is far easier to write a premium for than one older than that. Your Realtor should be able to negotiate roof repairs and even replacement into the cost of the home if the roof is older.
2. What is the age of the home? Old homes often have good bones, but that doesn't mean they're green lights for insurance carriers. Your Realtor can provide you the potential upgrades and improvements on an old home that will make insurance easier to get.
3. How close is the home to the ocean? It's not just flooding that cause homeowners insurance premiums to go up. Homes close to the ocean can experience sun, salt, and sand damage to the exterior of the home far faster than a home that's further inland. And speaking of floods...
Bonus Tip! No homeowners insurance policy covers floods! About 17% of claims every year are flood claims, and without flood insurance, you're left to clean up and replace your soppy home yourself!
Getting home owners insurance is one of the first things your Realtors ought to help you with as soon as your offer is accepted, but he/she should also have enough of an understanding about homeowners insurance that it becomes a conversation sooner than submitting your offer. Realtors do not know everything about insurance which is why yours should have a solid relationship with a reputable homeowners insurance broker near you. When your closing date approaches, the last thing we want to hear you say is, "I can afford this home, but I had no idea I would need an extra home owners insurance rider because of my dog and my kids' trampoline! Now what?!"