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Tips for Buying Home Insurance for an Older Home

Posted by , on Jun, 2017

If you love the character and charm of older homes, and have the time to spend on repairs and maintenance, then buying in a mature neighborhood may be to your liking. However, there are some things you should know about your home insurance for an older home in Palatka. Electrical System Back in the day, homes were built with 60-amp or knob-and-tube wiring. Now, neither of those systems are considered acceptable by insurance standards. You will need to update your electrical system throughout in order to get insurance. Oil tank Today, there are strict standards about when oil tanks should be replaced, how they’re disposed of, and where they are placed on your property (tanks can no longer be placed inside the home). Typically, if the tank is more than 25 years old, it will need to be replaced. Even newer tanks may need to be inspected by the insurance company. Mature trees As beautiful and majestic as mature trees can be, they can cause problems both for you and your neighbors. If there are branches that overhang onto a neighbor’s property that causes damage to their property, you could be liable. Also, strong roots can wind around septic or sewer pipes and damage your foundation. Plumbing Galvanized steel plumbing, used in homes built prior to 1950, can rust and erode over time, making them a less-than-desirable choice for today’s homes. Your insurance provider may insist that you replace these old pipes with copper or plastic. Wood burning stove This can raise your premiums no matter how old your home is. A wood burning stove is a valuable feature, but it does come with obvious risks that may raise cost. Home insurance in Palatka as well as other areas may cost you a bit more if you buy an older home; but it may be worth it if you love the old charm and grace that comes with it. Be the first to like. Like...

Tips for Saving on Home Insurance in Hawley, PA

Posted by Kim kimball , on Feb, 2017

Too many homeowners believe their insurance policy’s coverage limit is linked to the home’s market value, according to an III survey. The value for which a home can be bought or sold has nothing to do with the amount of coverage needed to protect the homeowner from disaster-related losses. While some people decrease coverage to save money, there are other ways to save. In the sections below are some of the most egregious homeowner’s insurance mistakes as well as some tips on avoiding these errors while saving money. Insuring the Home for its Market Value Rather Than its Replacement Cost When the housing market declines, some homeowners may believe they can reduce the amount of homeowner’s insurance coverage they hold. However, these policies are designed to cover the replacement cost of the home, not its sale price. Raising the deductible is a better way to save, as a deductible increase of $500 can help an owner save upwards of 25% on insurance premiums. Choosing a Company Based on Price While price is an important consideration when choosing homeowner’s Insurance in Hawley PA, it is also important to choose a financially sound company that offers excellent customer service. Buyers should check the insurer’s financial health via independent rating agencies and ask family and friends for recommendations. By doing so, a buyer can find a company that will efficiently and fairly respond to concerns and claims. Dropping Flood Coverage Flood damage isn’t covered under standard renters’ and homeowner’s policies. Coverage can be bought through the NFIP (National Flood Insurance Program) along with some private insurers. Many people are unaware of their flood risk, but 25% of all losses occur in low-risk areas. Before buying a home, check with NFIP to determine whether it is in a flood plain. If a person already lives in a high-risk area, they should consider buying flood insurance and looking for ways to mitigate the risk. While many people look for ways to cut the cost of home Insurance in Hawley PA, sacrificing flood and replacement value coverage is never a good idea. By following the effective savings tips listed here, homeowners can get the coverage they need from website without making cuts in the wrong areas. Follow us on Google+! Be the first to like. Like...

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