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