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1) “How old is the roof and are there any shingles lifting up?”
The roof is the first thing an insurance company will look at. Make sure the shingles are lying flat and that there are not significant color streaks down the roof. These are both signs that your shingles will need to be replaced soon; a big expense for new homeowners and the main cause for leaky roofs.
2) “Has the mortgage company pulled a recent flood zone determination?”
Flood insurance is very expensive and will need to be maintained until your mortgage is fully paid off. The cost is typically comparable to the yearly cost of property taxes. Being in a flood plain is OK, as long as you understand the additional costs associated with it.
3) “If there is a pool, is it fenced in with a locked gate?”
Purchasing a house with a pool is a ton of fun, but make sure it is properly secured. Insurance companies will require a fence and gate, so if there’s a pool without these, consider asking for seller concessions to cover installing them.
4) “Is there a wood-burner and was it professionally installed?”
Wood-burners are not a big deal if properly installed. Yes, some insurance companies don’t write homes with wood-burners, but there are many who do and simply put a charge on the policy for $50 - $90 a year for having a wood-burner.
5) “How much water back-up coverage is adequate to repair my basement?”
If the sump pump fails, water can and will quickly ruin anything it touches. This is not covered unless the policy is specifically endorsed. Typically, mitigation crews will come in and tear out the drywall halfway up the wall, all of the carpet, and remove the damage personal property. How much is it going to take to do that and replace it all? Discuss this with your insurance agent to put together the best coverage!
These five questions are a great jumping off point for you and your client's new home. Make sure to fully review all coverages with us or your insurance agent. We take pride in representing 10 excellent companies and would be more than happy to put together a homeowner’s insurance policy for you and your clients.
Our promise: Fast, Professional, and Affordable.
Written by Zach Santmier
Co-Owner @ Trumble Insurance Agency
Zach is the Co-Owner and manager at Trumble and focuses on positioning Trumble as the best choice for home and auto insurance. Zach is the author of Quarterback The Sale: Lead the Play from Snap to Touchdown. His book focuses on the importance of providing a high level of leadership in the sales process so that clients are left surprised and delighted by the ease of doing business with a true sales quarterback.