You’re searching on Zillow and find the perfect house. It has the breakfast nook in the kitchen and the vaulted ceilings you love. It even has a pool for the kids! Sure, it is like 10,000 miles from the fire department but you’re OK with some seclusion. At least you think you are until you get your new insurance quote. Knowing what will negatively affect your insurance can help you make the right decision for your family when buying a house.
Distance from Fire Department-
Insurance policies are rated in part by the “Protection Class” assigned to the location. Protection class is determined by the distance of the home from the fire department that serves the location. It is important to note that the nearest fire department and responding fire department are not always the same department. Homes located further than 5 miles from the responding fire department will have some increase to premium due to this fact. The further out you go from a responding fire department the higher the premium.
Swimming pools actually pose a major liability risk for insurance companies. Due to this, many carriers require swimming pools to have a surrounding fence and locking gate. If you are looking to purchase a home with a pool that does not have a gate then you need to be aware that you might be required to install a fence. Are you OK with having to do that? Do not fear. There are some carriers that do not require fences around pools. Unfortunately, you may be paying a higher premium or have less coverage when working with these carriers.
Is the house you are looking to buy located in a flood zone? If so, then an additional policy will most likely be required by your lender. A flood policy can range from a couple hundred dollars to thousands of dollars depending on the flood zone in which the property is located.
We aren’t saying that these 3 things are reasons not to buy your dream home or that the additional costs incurred will even be a deal breaker for you. But, they are things that you might not have considered. Buying a new home is a large investment. Many times we stretch our budgets to get the dream home we love. We want you to be prepared for extra costs that might arise as you go through the process so that you can plan ahead of time.
If you are looking to purchase a home in Paducah, Kentucky or surrounding areas then give Bradshaw & Weil, a call for a quote. We can handle all your insurance needs from home, auto, flood and more!