Destin Real Estate

 Plumbing, heating and electrical systems

 These systems can wear out, become unsafe with age or become dated as safer  technologies are introduced. Recent upgrades make your home safer and less likely to suffer fire or water damage.

ot as good as it should be, begin to improve it immediately.  Check your home insurance claims-filing history  Get a copy of your loss history report, such as a CLUE report from ChoicePoint or  an    A-PLUS report from ISO. This is a record of home insurance claims you have  filed. If you have not filed any insurance claims in the past five years, you will not have   a loss history report. The better your claim record, the less you may pay for insurance.  A good claims record can also be important if you are selling the home you are  currently living in. However, a past claim does not have to be a problem; the resulting repairs or improvements, if done properly, can make a property more attractive to  buyers and insurers.    Renters insurance  I f you are currently renting, it’s important to have insurance for your personal   property.   Your landlord’s coverage will not cover the things you own. If you haven’t  owned a home before, it might be helpful to have a history of insurance when you go  to buy your first home.    HOUSE HUNTING  As you look at homes, remember that characteristics of the house (where it is,        how it's constructed and the kind of shape it’s in) can send your insurance rates up    up or down  Construction of the house  If you plan to live near the Atlantic or Gulf coasts, consider a concrete home because  it is more resistant to hurricanes. If you are buying in a seismically active region, look for newer homes built to current codes, or older homes that have been bolted to their foundations. They are better able to withstand earthquakes.  Age of the house  Older homes sometimes have features such as plaster walls, ceiling molding and   wooden floors that could be costly to replace. Such special features may raise the cost of insurance. Also, an older home that has been updated to comply with current building codes is typically less expensive to insure than an older home that is not up-to-date    Condition of roof and home  If you are considering a “fixer upper,” you may pay more for insurance until clear improvements are made. In particular, check out the condition of the roof. A new roof in good repair will be attractive to insurers and will save you money as well as aggravation  Plumbing, heating and electrical systems  These systems can wear out, become unsafe with age or become dated as safer  technologies are introduced. Recent upgrades make your home safer and less likely to suffer fire or water damage.    Safety devices  Homes equipped with smoke, fire and burglar alarm systems that alert an outside service may get sizeable discounts. Strong doors, dead bolt locks and window locks may also reduce insurance costs.    Pool, wood burning stove, etc.  You will need higher property and liability coverage if you are buying a home with  features such as a pool or a wood burning stove. In the case of a pool, consider getting additional coverage, such as an umbrella or excess liability policy.    Quality and proximity of the fire department  Homes near a fire station, those with a hydrant close by and those located in  communities with a professional rather than volunteer fire department will cost less to insure.   Location, location, location Homes near the coast will be more expensive to insure because the risk of hurricane, wind or water damage is greater. In many states, you will pay the first few thousand dollars in damage before your insurance kicks in. You also need to think about the threat of floods or earthquakes. You will need separate insurance for these risks and it can be costly. Also, around the country, there are high-risk areas vulnerable to hurricanes, brush fires or crime that might not qualify for private insurance. To make insurance available, there are state-sponsored Fair Access to Insurance Requirement (FAIR) Plans. FAIR Plans, however, can be expensive and provide less coverage.   Check the house’s loss history report Ask the current homeowner for a copy of the house’s insurance loss history report. This will provide information regarding claims filed during the last five years and answer two questions that any savvy homebuyer should ask: Are there any past problems in the home? If damage has occurred, was it properly repaired? Prior claims are not barriers to getting insurance, but you should know the history of the home before you go to closing.    Get the house inspected  A thorough inspection of the home is very important. The inspector should: check the  general condition of the home; show you where potential problems might develop;  double-check that past problems have been repaired; and suggest upgrades or  replacements that may be needed. If a house has been well-maintained, you should  have no trouble getting insurance. However, if the inspector raises questions, your insurance company mayl as well. In particular, have the inspector check for water damage, termites and other types of infestation. Special attention should be paid to the electrical system, septic tank and water heater. Find out if there is an underground oil storage tank, as many insurers will not provide policies for homes that have one.   Contact your insurance professional Don’t wait until the last minute to think about insurance. Ask your current insurance professional if the house will qualify for insurance and get an estimate of the premium. The sooner you act, the smoother the process will be. If you do not have an insurance agent or company representative, get recommendations from your REALTOR®, (Mike with Coastal Properties of NW Florida ), family, friends or co-workers. Select someone you know and trust, as he or she will be an advisor for many years.   Shop around for the best coverage Most people spend months looking for a house, but only spend a few minutes insuring it. Insurance companies sell insurance in different ways – some through their own agents, others through independent agents or brokers and still others directly by phone or over the internet. Select the arrangement that you are most comfortable with. Get the names of several highly regarded insurers. The higher the financial rating, the better prepared they will be if a real disaster strikes. Then compare prices.   PURCHASING THE HOUSE AND INSURANCE   The Highest Deductible? The higher the deductible, the lower the premium. Most people only file a claim every eight to ten years, you will save money over time and preserve your insurance for when it’s really needed.         Ask about available discounts for: Multipolicy (home, car, second homes, investment real estate or other policies with the same company) Smoke detectors Fire extinguishers Sprinkler systems Burglar and fire alarms that alert an outside service Deadbolt locks and fire-safe window grates 55 years old and retired Long-time policyholder Upgrades to plumbing, heating and electrical systems Earthquake retrofitting to make the home safer Wind-resistant shutters Get enough insurance to: Completely rebuild the house in the event it is destroyed by fire or other insured disaster . Replace everything in the house. Protect your liability in case someone is injured on your property and decides to sue you   Ask about additional coverage such as: Replacement cost for possessions Extended or guaranteed replacement cost for the structure Building code upgrades Sewer and drain back-ups Inflation-guard Umbrella coverage for a pool or other high-risk items Flood, Hurricane and Earthquake risk Damage caused by flooding is not covered by standard homeowners insurance policies in Florida. Instead, homeowners will need an [additional policy] for coverage that is provided through the government’s National Flood Insurance Program (NFIP). To [have access to a flood insurance policy] your community must participate in the NFIP program. Policies for coastal properties in Florida have a separate deductible for hurricane risk/claims, which means the homeowner may be responsible for a higher percentage of the replacement cost or actual cash value to replace or repair damages. “Know how your policy protects your interest”. Earthquake insurance is offered by private insurance companies. In California, coverage is available through the California Earthquake Authority, a state program, as well as the private market. It may be more expensive and come with a high deductible.     AFTER YOU PURCHASE YOUR NEW HOME   Properly maintain the house – Usually a condition to Your Insurance Policy Maintain your home as you would your car. Every year, there are important things you should do to reduce the chance that you will experience water damage, fire or other insured loss. Insurance does not pay for routine maintenance or damage resulting from neglect. The cost for proper care should be calculated into your overall budget. It’s your responsibility to be the “risk manager” for your home. If you do your part to reduce insurance losses, not only will your home be safer, it will also save you money on your insurance bill.   Under many Florida Insurance policies certain claims may not be paid by your Insurer if the property was vacant for 60 days or more days when the damage occurred. Make sure to ask your Insurance agent for more details regarding your policy coverage and conditions.  “In other words make sure you are not paying a premium for a benefit that is not covered under the conditions of the policy” and make sure your policy covers your specific circumstances when maintaining a second home in Florida.     Keep insurance up-to-date Let your insurer know about alterations, additions and improvements to your home. Major purchases and lifestyle changes such as a marriage or divorce should trigger a call to your insurance professional. This way, you can maximize your insurance dollars by not being either under- or over-insured.   Florida Home Owners and Florida Real Estate Buyers contact Mike Henderson, Coastal Properties of NW Florida, to make sure you are in contact with reputable Insurance Companies/Agencies to insure your property. Email Mike@30Acondosandhomes or Call Mike Direct 850-259-7805      ADDITIONAL RESOURCES:   ChoicePoint www.choicepoint.com To order a CLUE report, see www.choicetrust.com Fair Isaac www.fairisaac.com To order a credit report, see www.myfico.com For help with your credit score, call 800-777-2066 To order a credit report, see www.myfico.com For help with your credit score, call 800-777-2066 Institute for Business & Home Safety www.ibhs.org Insurance Information Institute www.iii.org or www.insurance.info Insurance Information Network of California www.iinc.org Insurance Services Office www.iso.com To order a copy of your A-PLUS report, call 800-709-8842 Nation                 The National Flood Insurance Program www.fema.gov/nfip/

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