When you enter a home, you are looking for the features you want and need—such as bathrooms, bedrooms, and a backyard. But there are some other things you should be looking for as well when shopping for your new house. Being aware of the potential risks in any given property can save you a lot of money in the long run. Home Insurance Risks When you apply for a homeowner’s insurance policy, your rates will be based on the risk factors that the insurance company sees in the property. Certain factors can increase your rates, and some can even mean you don’t qualify for the best policies. A swimming pool is something most people don’t recognize as a risk factor. Insurance companies see it as a liability risk and are likely to increase your rates. If the pool doesn’t have all of the features required (such as a fence of a certain height) you may even find the company refuses to cover it. Old wiring is another risk factor insurance companies don’t like to see. It increases the odds of a fire, which makes it a risk for your family’s safety as well. Risks Of Future Damage When you look […]
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