Indeed there is significant joy and freedom in owning the place you call home, but with great freedom comes great responsibility. I see people who are so enraptured in the excitement of coming close to that dream purchase that they often let important details fall to the wayside. Keep the joy in your journey by discussing these things with your insurance agent first.
Consider Loss History
It is important to have the loss history on your home double checked. Many times the previous owner will only relinquish a partial loss history and usually these partial loss histories leave out important things like water damage. Water damage can lead to mold and it can also be indicative of problems with the plumbing system. There is nothing worse than making the biggest purchase of your life and then having to spend another giant wad of cash to make your house livable.
Know your Flood Zone
Always know what flood zone the soon to be purchased home will lie in. There are homes out there that have been flooded so often that they are – literally – ineligible for flood insurance and this can be a big problem, especially if your home is required by your lender to be covered in case of a flood. The price of flood insurance of many homes is based on the elevation of the first floor so always know the elevation. Make sure to have a copy of the elevation certificate before you commit to purchasing. But I would be remiss in stating that even if your home is not in a dangerous flood zone, that you should consider getting flood insurance. I could recall many folks who have had losses in a low flood zone but lost their houses, like in Hurricane Harvey.
Windstorm Insurance Requirements
Many homes in the Galveston area should also have windstorm insurance. In fact, homes built in high windstorm areas are required by law to be wind resistant for speeds up to and over 100 miles per hour. This is also another thing we look at during our quote process at Paula Smith’s Farmers Insurance. The nice guy who reroofed his house before he sold it to you may turn out to be not-so-nice if he doesn’t also provide the correct documentation and that is one of the things that can make your house uninsurable by TWIA (The Texas Windstorm Insurance Association).
But taking the time to run this by me or one of the agents at my office can potentially save you hundreds of dollars a month. If you don’t have time for a quote then at the very least have these things checked by your inspector. You can be a well-informed buyer and you can be proactive by being informed enough protect your own investments.
Give Paula Smith Insurance a call to have a complete review of your personal or business insurance or to get a quote, complete the form on the side bar or call us at (281) 488-8880.