Escondido Real Estate

According to the Insurance Information Institute, insurance is a key factor when it comes to home buying. However, Escondido San Diego home buyers often overlook the cost to insure. The Insurance Information Institute (I.I.I.) provides these two important questions that potential homeowner should ask before they buy a home:

1.       How much will it cost me to insure the home?

2.       Will separate coverage be needed for disasters, such as flood or earthquake?

Insurance is a long-term expense for homeowners. Before purchasing an Escondido San Diego home, there are vital factors to consider that will affect the cost of insurance. The I.I.I. has created the following checklist to help the homeowners:

• How far is your home from the fire department? Homes near a fire station with professional fire fighters usually cost less to insure.

• What is the condition of your plumbing and electrical systems? Homes with poorly maintained, unsafe and/or outdated systems can cost more to insure.

• Is your home susceptible to wind damage? Check if there is a private insurance, or a state-run insurance program. Is a windstorm deductible available, and how high is it? A home inland maybe less costly to insure than one on or near the beach.

• Is your home at risk from flooding? Under a standard homeowners insurance policy, a flood insurance is not covered. However, the National Flood Insurance Program provides flood insurance which is serviced by private carriers and a few specialty insurers.

• What about the earthquake risk in your area? Earthquake insurance needs an endorsement or a separate policy.

• Is your home is well-constructed and properly maintained? Homes constructed by reputable builders using disaster resistant materials and designed to reach building codes are likely to better endure natural disasters.

It can be helpful to ask an experienced Escondido San Diego home inspector and your insurance agent to answer these questions. You can rely on the home's loss history report for valuable information regarding its claims history of water damage, fire and other losses.