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    Homeowners Insurance for Buyers

    Homeowners Insurance - Issues for home buyersWith all that has been going on in the insurance industry lately, a home policy just isn’t what it used to be. Premiums and deductibles are higher and cover less. And getting a new policy for that home you’re hoping to own might prove a difficult exercise.

    Check the Claims History

    Buyers, be aware that a property’s claim history can affect its insurability. Too many claims, or even just inquiries about a problem, can scuttle a potential buyer’s new policy.  This means that once your new home is under contract, you must immediately ask your insurance agent if there are any insurability problems.  And I mean right away -- even before the inspections. Ask what claims show up on the property records.  Ask if the home is in the flood plain.  Obtain an elevation certificate, and be aware that some of the flood plain boundaries have moved.

    Watch Out for Water

    The main insurability culprit is water damage – which is obviously a problem here on the Gulf Coast where tropical storms are common.  Getting insurance can take a while if a home has had recent water claims, even if the source of the initial claim and all related damages have been completely repaired.

    Don’t panic if this insurability question crops up during your house hunt. It is not an impossible situation. Still, before you bond with a new home, it’s best to know what you’re dealing with.

    Roger Martin

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    Tips for Houston Home Buyers

    Today's fast-changing real estate market can be tough, whether you are an experienced buyer or not.  Let's break the process down into comfortable steps...

    • Finding the Right Real Estate Agent
    • Interviewing a Potential Real Estate Agent
    • Care and Feeding of Your Agent - For Buyers
    • Pitfalls of Price per Square Foot Comparisons
    • Insuring Success - For Buyers
    • A Warning About Appraisals - for Buyers
    • Inspections VS Appraisals
    • Are You SURE You Want to Buy That Foreclosure?
    • Warning - Fraudulent Real Estate Listings
    • Glossary of Real Estate Terms
    • Mortgage Application Checklist
    • The Closing Process
    • Avoiding Real Estate Cyber Crime
    • More Buyer Tips

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    West University Place, TX 77005
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