Key Questions To Ask Before Buying A New House
There are certainly a lot of things to consider before you buy your new house. You may ask yourself - Is the neighbourhood safe? Are there schools and sports facilities nearby? How close are grocery stores? Are there any parks and walking trails close to my new house?
And while these questions are very important to ask before you decide on buying your new home, have you thought about how certain parts of the house can influence the cost of your home insurance? Whether you are a first-time home buyer or not, consider asking the following questions about your new house to determine your coverage eligibility and possible home insurance costs.
When Was The House Built?
With a newer home, you can significantly save on your home insurance rates. The reason for this is simple: your insurance premiums are calculated based on the likelihood of making a claim and the cost of repairing the damage done to your house. New homes, built to conform with current safety standards and bylaws, are safer and usually cost less to insure since the repair costs are significantly lower compared to older homes.
How Is The House Heated?
As mentioned earlier, the risks associated with making an insurance claim can greatly influence your home insurance costs. This especially applies to how your home is heated. Electric and gas furnaces are simply safer ways to heat your home compared to oil furnaces and wood pellet stoves. It is critical for you as a new home buyer to find out what heating source the house runs on so that your insurance broker can determine your home insurance costs and eligibility.
How Close Is The House To A Fire Station Or Fire Hydrant?
It is a fact that by having your house close to a fire hydrant or fire hall, you are more likely to limit the damage to your house as firefighters can quickly respond to the emergency at hand. Thus, your insurance premiums could be lower if your new home is in close proximity to a fire hall or fire hydrant.
What Is The Condition Of The Roof, And With What Kind Of Materials Was It Built?
The older the roof, the greater the likelihood of a leak, which ultimately can result in you making an insurance claim and thus raising your insurance rates. If you are looking for savings, talk to your insurance broker on how certain roofing materials (i.e. slate tiles) can qualify you for home insurance discounts.
How Is The House Wired?
Older home wiring systems such as knob-and-tube or 60-amp electrical systems are more costly to insure since they can easily overheat and cause an electrical fire in your home. Consider buying a home with electrical 100-amp modern wiring to save on your home insurance costs.
How About The Home’s Plumbing?
Piping made from galvanised steel is prone to rust and corrosion over time and this can cause clogged pipes, low water pressure, and even lead contamination of your drinking water! Newer plastic pipes and copper pipes are less prone to corrosion and leakage, and this greatly reduces the chance of a flood in your home. Be sure to find out what materials were used in your prospective new home’s plumbing system as this can save you money on home insurance costs.
Does The House Have A Backwater Valve And A Sump Pump?
Without question, backwater valves and sump pumps can help prevent flooding in your house. Before you decide on buying your new home, be sure to find out what flood-prevention systems your house comes with and what shape they're in. With a safe and reliable flood prevention system, you can certainly save on your home insurance rates.
If you are currently looking to buy a new home, please contact us
today so that we can help you answer all of your home insurance needs.