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Homebuyers in Florida have a laundry list of things to consider when looking for their dream home. Access to shopping, restaurants, and attractions; good school districts, beach proximity and even the travel time to the nearest hospital can all be factors. The house’s appearance, amenities, size, and layout are also things to consider.
However, homebuyers may not think about the long term financial cost of home ownership, especially when it comes to insuring the home. Homeowners insurance premiums can be affected by many different factors, including:
The plumbing and electrical should be inspected in any home you are considering buying as part of the purchase process. Older electrical installations that don’t follow current best practices but are still up to code (or grandfathered in) may not dampen your enthusiasm over buying the home, but could make your insurance company give the property the side-eye and hike your premium.
A four-point inspection covers the roof, the electrical and plumbing systems, and HVAC. You’ll be more likely to receive a better premium if the house’s roof, electrical, plumbing and HVAC systems are less than ten years old.
Sometimes finding a qualified homeowners insurance agent before you buy a home can be the best strategy. They can help inform you about what credits your new home could qualify for, and warn you about potential premium increases or even possible insurance coverage denials based on unforeseen issues with the home.
About Olympus Insurance Company
Headquartered in Palm Beach Gardens, FL and founded in 2007, Olympus Insurance Company specializes in Florida property insurance. Through its independent agency force, Olympus insures $40 billion worth of residential and investment property including homes, condos, rental property, and valuable personal property, with umbrella coverage and Spartan Enhanced Coverage available. Coverage for individual risks up to $5 million in total insured value is provided on one of the most comprehensive coverage forms in the industry.
For more information, visit olympusinsurance.com.
This article is for informational purposes only and does not form a part of, replace, change or amend any terms, conditions, provisions or language within your Olympus Insurance policy. We encourage you to read your entire policy.