6 Areas to Explore when Getting Home insurance

Homeowners insurance is one of the best way of managing the risks involved in purchasing and owning a home. When you buy homeowners insurance, you transfer the potential risks, and costs of a loss, to the insurance company. While not mandatory by law, mortgage providers require insurance in order to protect their investment. For this reason, it is important to discuss insurance needs in parallel to figuring out the details of home ownership and a mortgage.To get the best coverage at the lowest possible premium, there are key facts and details about your house that you must explore:1.     Wiring- Some wiring, such as knob-and-tube and aluminum, can increase the chance of a fire, especially if the wiring has deteriorated or been damaged during renovations.- Some insurance companies want a written guarantee that this wiring is not present, some may give you time to have it removed while others might request an inspection to explore further.2.     Plumbing- Older plumbing, galvanized or lead pipes, is more susceptible to cracks, leaks and other similar problems.- Insurance companies generally prefer homes where the plumbing has been upgraded to copper or plastic.3.     Electrical- Fuses and low electrical service can increase chances of a fire.- It is preferable to have breakers instead of fuses and 100-amp service at a minimum.4.     Heat Sources- Oil heated homes can become an environmental hazard when old and in bad condition.- It is instead preferable to have a forced-air gas furnace or electric heat that has been updated within the last 25 years.- Wood-burning stoves can also be dangerous; they can cause house fires and carbon monoxide poising. If present in the house, they will need to be checked and properly maintained.- Sometimes the presence of a wood-burning stove can negate any option of insurance so be sure to share this information with your provider.5.     Roofing- The typical lifespan of an asphalt roof is 25 years; older roofs are more susceptible to damages and leaks.- It is preferred that your roof have been built or updated within the last 25 years.6.     Property Use- Different coverage is needed for different property uses.- Renting to others and running a business out of a home required different coverage to a home used as a primary residence.Equipping yourself with answers to the above questions will help you on your journey to home ownership. Your insurance provider will be able to get you the quickest and most accurate quote for all of your needs and your mortgage provider will be satisfied with your complete coverage!