When purchasing a home, a serious thought should go towards insuring your new place for those unexpected emergencies and disasters. So with that in mind, these 6 things make it harder and more expensive to insure your home.
1. Age of the Roof
Many companies will not insure a home with a shingle roof over 15 years old (some go to 20 years). A tile roof will raise red flags at 30 and a metal roof at 50.
2. Poly Pipes
Make sure the house is not plumbed with polybutylene plumbing, used in the 70’s and 80’s. No insurance company wants to insure a house with poly pipe.
3. Federal Pacific Electrical Panel
Federal Pacific Stab-Loc brand electric panels are a potential fire hazard. Most companies will not insure a house with one.
4. Aluminum Wiring
Used in home construction from 1965-1973, it was later discovered to be a fire hazard as the system ages.
5. Swimming Pool?
Not a problem – but a diving board or slide is. And either a screen enclosure or six foot fence with a self-locking gate must enclose the pool.
6. Know the Flood Zone
Just before closing, the mortgage company will do a Food Zone Determination. If the house is in a Special Hazard Zone, flood insurance will be required. You don’t have to wait to find out.