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Insuring Your Property

Homeowners Insurance & Home History

When searching for a new home, one of the most overlooked areas of concern is the cost - and availability - of homeowners insurance. Recent years have seen an increase of natural disasters including hurricanes, floods, fires and other threats. Combined with the increased cost of materials, labor and supplies, the average cost of homeowner insurance has outpaced the rate of inflation.

For homeowners insurance help, use the following tips and questions before purchasing your next home.

  • Can I obtain affordable insurance? When shopping for a home, be sure to ask your insurance agent to pull a CLUE report on the specific property to find out in advance if you will be able to obtain homeowners insurance and at what cost. Once you have the anticipated “real” cost, it is a good idea to build in an annual 5 percent to 10 percent increase to make sure you can afford the house you are buying.
  • What is the history of the home? Before making an offer on any property, it is a good idea to include a clause about the availability of obtaining affordable insurance and viewing the CLUE report. The CLUE report will provide an additional layer of protection for the buyer. For example, if extensive repairs were made due to fire or water damage you may feel differently about purchasing the property.
  • Where is the Home Sellers Disclosure Report? Finally, ask your real estate agent to request a CLUE report on any prospective properties on your behalf and/or request a CLUE Home Sellers Disclosure Report. Many real estate professionals routinely order a CLUE report before listing a property and will make the CLUE Home Sellers Disclosure Report available upon request.

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