Buying a Home, Condo or Townhome? What You Need to Look For and Why!
Congratulations! This is an exciting time! There are so many things to learn when buying a home, condo or townhome and Stratis Insurance Advisors are here to educate you as well as simplify the process so you can focus on quickly closing on your dream property.
Insurance is an integral part of the home buying journey. Not only that, all mortgages require you to secure insurance on your home otherwise you may be at risk of losing out on the property before you even close. It’s important to understand the coverage, your options and why insurance matters in protecting your biggest asset.
At Stratis Insurance, we look at the age of the bones of the home to help understand the risk. If the home is newer, there is less risk as the bones and workings of the home are less likely to cause a claim.
Here are some of the key pieces of information used to assess the risk of a home:
- Alarm systems
- Type of piping used for plumbing
- Type of electrical wiring
- Heat source
- Age and material of the roof
- Age of the hot water tank
If you’re planning to purchase a condo or townhome, strata insurance policies and sprinkler systems are details required to assess your unit correctly.
You might be wondering why electrical wiring or the type of piping used in the plumbing of a home matters when securing insurance. The major reasons are that homes built with aluminum wiring pose an increased risk in oxidization and over time, this oxidation can break down connections resulting in fire hazards. This could also put you and your loved ones’ safety at risk. Polybutylene (also known as “Poly-B”) plumbing is also highly unfavorable to insurers as they’re notorious for rupturing and causing property damage. While not every insurer may decline your request for coverage, many can as the risk is just too high.
Collecting these important pieces of information ensures you are provided options and are receiving the proper protection you deserve.
Stratis Insurance Advisors’ Commitment to You
As professionals, we are committed to working with you to secure proper protection. We are here to look at the risks and tailor coverage solutions that is best suited for your biggest asset.
Stratis Insurance has partnerships with a wide range of insurers, allowing us to curate the best plans for our clients. Insurance options can vary based on the bones of the home, your details as a homeowner such as age, whether one mortgage or multiple mortgages exist, previous insurance history, previous claims history, credit and intended use of the home.
Fact Sheet Guide
Our short guide can help greatly during your home buying journey especially when competing an inspection or walk through. Confirming these details in advance will allow you to understand any potential risks and help secure coverage efficiently so you can close on your home quickly.
Ready to Secure Insurance?
Complete our quick online Home Questionnaire or Condo & Townhome Questionnaire.
Have further questions? Connect with a Stratis Insurance Advisor today or visit our LinkedIn, Instagram and Facebook for updates and tips!