Not Without Challenges!
Lenders require homeowner's insurance, but obtaining insurance can be difficult and very expensive. Fewer agencies write homeowners' insurance than in the past, and premiums and deductibles have risen. Home buyers should place a high priority on seeking insurance.
Flood zones are varied and subject to change, so it is important to ask your Realtor about flood risks and any history of flooding for the home you are buying. Homes can be reclassified to higher flood zones that require additional insurance premiums to maintain coverage.
During Hurricane Season from June 1 through November 30, home buyers can be caught in a window of time when no coverage is available. When an active hurricane falls within "the box", insurers will not allow policies to be written. When hurricanes threaten, buyers should get their insurance binder right away to avoid delays.
Windpool zones, such as beach areas, and older homes also can add to insurance costs. Homes under 25 years old gain the best insurance premiums. Beyond the 25-year mark, insurers may require additional inspections and assurance that questionable conditions - - roofing, electric wiring, foundation enclosures and plumbing - - be repaired in order to insure the home.
Avoid unpleasant surprises. Your Realtor is a helpful and professional resource. Ask if your agent is a REALTOR, a member of the National Association of REALTORS.
