RICHMOND, Va. (WWBT) -When looking for a house, the cost of homeowner’s insurance probably isn’t at the top of your concerns. However, according to our partners at the financial website Nerdwallet, homes with hidden risks can make getting coverage more difficult and more expensive.
As you look for a new home, find the nearest fire hydrant and fire station.
Your proximity to both can affect your insurance rate. That rate can increase if the home is on a narrow road or is hard for firetrucks to access.
Some homes are at high risk for wildfires or severe weather. Many private companies won’t insure them.
You’d have to look at state-run risk pools such as Beach and Windstorm Plans or Fair Access to Insurance Requirements Plans, better known as FAIR.
Insuring older homes becomes challenging because of the risk of water damage, but you can lower your rates by installing water sensors that can shut the system down if a leak is detected.
Two things not covered by homeowners Insurance? Floods and earthquakes. Those require additional policies.
You’ll want to do your research to see if your house is susceptible to either.
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