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Think insurance when shopping for a home
SEATTLE - With Spring in full bloom and summer approaching, the home
shopping season is here for thousands of potential homebuyers.
As you evaluate prices, locations and property taxes for your dream home,
be sure to add insurance to your home-buying checklist.
"A home is arguably a family's largest asset. It only makes sense to
examine the costs to insure a home before you buy it," said Karl Newman,
NW Insurance Council president. "Many companies offer discounts for insuring both your
auto and home. Also, when comparing offers, be sure the coverage amounts
are the same for each company."
The NW Insurance Council and the Insurance Information Institute
recommend you consider the following as you shop for a home:
- Loss History Reports - Request a report from the seller to
view the claims history of the home. If a claim was ever filed on
the home, the loss history report will show the nature of the claim.
- Check your credit - Make sure your credit history is accurate.
Strong credit can help you obtain competitive insurance rates.
- Age of the home - Some older houses may have expensive features
such as hardwood floors and ceiling moldings. These features are more
expensive to replace and could raise the cost of insurance.
- Location - Living in a high-risk area can prove expensive.
Take note of landslide and flood-prone areas. Since flood is not covered
under a typical homeowners policy, you may have to buy flood insurance
separately from the National Flood Insurance Program. A separate endorsement
may be required if you choose to buy a home near a cliff.
- Inspect utilities - Old plumbing, heating and electrical
systems are more likely to cause fires or water damage. Insurance
for homes with knob and tube wiring can be significantly high or not
available at all.
For more information on homeowners insurance and to obtain a free Home
Buyers Checklist, visit www.NW Insurance Councilonline.org or call (800) 664-4942.
NW Insurance Council is a nonprofit, consumer-education organization
funded by member insurance companies.
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