I've got a contract to buy on a house; I'm a first-time homebuyer. I wanted to get some homeowner's insurance quotes because I'll need it to get a loan (and want it anyway of course). I went online, and the insurance companies ask all these questions about when the last upgrade was made to the wiring, plumbing, etc. (I do understand why they'd want to know that stuff.)
Where is the best place to get that info? The home inspector? The appraiser? Or the seller?
TIA,
S
First, look at the company you already get your car insurance from. If they offer homeowners policies, you will probably get a multi-line discount that will wash everyone else out of the competition. (my state farm discounts my
2 cars and home policy over $500 in total)As for upgrades to wiring or plumbing, unless it can be proven with invoices, its not very useful. Just assume general normal condition to get and compare quotes and let the agent or company get all the real details as they request them after you make your choice.
How about you grow a pair and CALL your local insurance agent? When I bought my home, I went with Allstate because that's who holds my auto insurance policy. I called the local agent's office and asked for a homeowner's policy. They said, "Okay, here's a policy." They didn't ask any complicated questions, and the price was quite reasonable.
Sometimes it pays to actually speak to a live human being instead of trying to get everything online. At the very least, they will accept "I don't know" as an answer, while a robot will just argue with you. It's okay to talk to another human being. Really, it is. Most of them won't bite unless you ask them to.
The only person that MIGHT know when upgrades were made is the seller. MAYBE, because they may not have made any upgrades, but the previous owner's did.
your about to learn insurance companies today are very risk adverse.
things likew fuse boxes, knob and tube wiring, galvanized water lines, and a long list of others may make it hard to impossible to buy a new policy.
a comprehensive home inspectors report should help. plus shop around companies.
make certain must be able to obtain homeowners insurance is a condition of sale for your protection.
even cracked sidewalks may cause hassles.
the good new is the necessary upgrades can likely be deducted from the selling price.
after all if you cant get homeowners then no other buyer can either, so the seller is screwed.
let us know how this works out and good luck on the home purchase
Inspector. If the home is more than 30-40 years old and the systems, especially the wiring, are original, I'd personally make an upgrade a condition of sale, or reduce my offer by the cost to do the upgrade.
Regards, Sarge
Instead of on line, go to a real insurance agent. They can give you all the help you need. Every town as a couple of them, real people, not just a computer. You'll be amazed at the help they can give you.
Initially, the seller, because only he would have the info. He MIGHT have put that info on a sheet he gave to his realtor, so you MIGHT be able to get the info through your realtor (or his, if you have not yet engaged a buyer's agent).
If the house is less than 30 years old, it is unlikely any major rewiring or replumbing has been done, anyhow. You might ask a realtor when the last major change in electrical/plumbing/building codes was made in your area, which would give you a cutoff date fro a decision whether they even MIGHT need attention...
OTOH, the last upgrades to my house were done a month ago. I replaced a drain pipe and a light switch...
Thanks to all for your replies.
House is actually in very good condition. Circuit breaker box, copper plumbing incoming, PVC outgoing, wiring is (based on date of house) copper. So must have had some major upgrades, though that's not surprising given that there's been 60 years to do it.
Insurance---turns out online quoting is mostly if not entirely useless; many of the so-called online quotes just send emails out to agents anyway.
Thanks,
S
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