Check The Home's Loss History Report

After viewing several properties and you have now narrowed your search to a few homes that you are interested in. Before making an offer or placing a bid on a home you need to get more specific information about the house and its insurability. Ask the current homeowner for a copy of the house's insurance loss history report. This will provide information regarding claims filed during the last five years and answer two questions that any savvy homebuyer should ask. Are there any past problems in the home? If damage has occurred, was it properly repaired? Prior claims are not barriers to getting insurance, but you should know the history of the home before you go to closing.

Getting The Home Inspected

A thorough inspection of the home is very important. The inspector will check the general condition of the home; show you where potential problems might develop; double-check that past problems have been repaired; and suggest upgrades or replacements that may be needed. If a house has been well-maintained, you should have no trouble getting insurance. However, if the inspector raises questions, your insurance company will as well. In particular, have the inspector check for water damage, termites and other types of infestation. Special attention should be paid to the electrical system, septic tank and water heater. Find out if there is an underground oil storage tank, as many insurers will not provide policies for homes with them. Also it may be worth your while to be present while the home inspection is taking place. You should ask the home inspector anything that you may be concerned about. Valuable information and answers to questions about home inspections can be found on our site here: http://www.closeofescrow.com/cr-homeinspect.php You can also search our nationwide database of real estate professionals for a Home Inspector in your local area here: http://www.closeofescrow.com.

Contact Your Insurance Professional

Don't wait until the last minute to think about insurance. Ask your current insurance professional if the house will qualify for insurance and get an estimate of the premium. The sooner you act, the smoother the process will be. Get recommendations from family and friends. Your insurance agent or company representative will be an advisor for many years, so select someone you know and trust. We also have great resources and information about home insurance on our site here: http://www.closeofescrow.com/cr-insurance.php. Be sure to shop around and find the best coverage possible at the lowest price. Most people spend months looking for a house, but spend five minutes insuring it. Insurance companies sell insurance in different ways - some through their own agents, others through independent agents or brokers and still others directly by phone or over the internet. Select the arrangement that you are most comfortable with. Get the names of several highly regarded insurers. The higher the financial rating, the stronger they are and better prepared to be there if a real disaster strikes. Then compare prices. It could cut hundreds of dollars off the cost of your bill. You can find an Insurance Agent in your local area by searching our nationwide database of real estate professionals here: http://www.closeofescrow.com.