Home Buyer Checklist
Check on insurance early. When buying a home, the sooner you check with an insurance company or agency to price a policy and find out if you can insure that property, the smoother the process will be.
Check the claims-filing history of properties you are selling and buying.
- Get a copy of your own loss history report, such as a CLUE report from ChoicePoint or an A-PLUS report from Insurance Services Office (ISO).
- Ask the seller to provide a copy of the home’s loss history report (called a CLUE or A-Plus Report) with the disclosure statements. This can alert you to any damage that may have occurred to that property. Depending on your insurance company, the loss history of your potential home may affect your insurance.
Make sure you buy the amount of insurance you need. Take the time to properly insure your home. Make sure that you have enough coverage to:
- Rebuild the house if it is destroyed by fire or another insured disaster.
- Replace everything in it.
- Protect your assets if someone is injured on your property.
Consider a higher deductible. If you can afford a higher out-of-pocket deductible, it will save you in the short-term on your insurance premium and also discourage you in the long-term from making small claims that could put your insurance at risk for non-renewal.
Ask about extra coverage.
- Replacement cost coverage for possessions.
- Extended or guaranteed replacement cost coverage for the structure.
- Building code upgrades.
- Sewer and drain back-ups.
- Umbrella coverage if you have a lot of assets to protect or the property has high- risk features, such as a pool.
- Special riders for jewelry, collectibles and expensive items.