It’s easy to forget that more than just the listing price goes into the purchase of a new home or condo unit. As a real estate agent, going the extra mile and guiding your buyers in the right direction of all aspects of their new purchase shows that you really care about their investment. To better service your clients, having basic insurance knowledge can go a long way. That’s where we can help!
There are many variables that factor into the price of an insurance policy for a home that buyers should consider before signing on the dotted line. Some potential coverage issues to consider include:
- Coastal Properties
- Flood
- Older Homes
- Island Homes
- Isolated Properties
- Antique Homes
- High Value Homes
- Rental Properties
- In-Home Business
- Farm Properties
Coastal property coverage differs from a standard homeowners policy. Coastal properties pose different risks to the insurance companies, so referring your coastal home buyers to an independent agent to find them specialized coverage will save them time and hassle.
A flood insurance policy steps in to cover damage caused by flooding that is not covered by a standard homeowners or renters policy. Flood policies are regulated by the government and can only be purchased through an insurance agent, not directly from the government. These policies have very specific coverages and exclusions, so it’s important to ask your agent what the policy includes.
Island homes can be more susceptible to damage caused by winds or hurricanes. Isolated homes and island homes are both at risk of more damage since they are far from services such as a fire station or even a fire hydrant.
Antique and high value homes may need to have specific companies insure them to ensure custom features and valuables inside the home are properly accounted for and covered.
Rental properties and in-home businesses need specialized insurance as well. Such insurance includes landlord or business specific policies to cover damage and liability risk. If your buyer is planning on having a tenant, the tenants’ belongings will need to be covered under their own renters policy.
Farms and ranches require a combination of both homeowners and business coverage for their unique needs. The type of farm, location, and size are all factors to consider when advising your buyers on their purchase.
Let Avery Insurance help make sure your busy season goes smoothly. Partnering with us as your trusted recommendation for all things insurance will ensure that your clients are well taken care of. We have experienced and trustworthy agents in both the Lakes Region and Seacoast areas of New Hampshire.
