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The Role of Insurance Experts in Home Buying

Updated: Oct 9, 2023

A little-known fact is that Insurance Experts can be just as valuable in the home-buying process, providing critical information that can help you and your client make better decisions.

insurance broker/ agent and the insurance clients

What is the importance of Insurance Experts in Home Buying?

A little-known fact is that an insurance broker can be just as valuable in the home-buying process, providing critical information that can help you and your client make better decisions. Here's how we can help.



Cost of Coverage

Once you've decided on the house you want to insure, we can estimate how much it will cost. Remember that the neighborhood, the size of the home, the presence of a pool or trampoline, and the distance from a fire hydrant and fire station are all factors that can affect your home insurance premium. Because most mortgage lenders require homeowners insurance, this estimated cost-of-insurance figure will need to be calculated as part of your total



Coverages to consider

When purchasing a home, you should consider more than just basic coverage to ensure you are protected in the event of an emergency. Insure Connecticut can explain the benefits of having extra-value coverages like guaranteed replacement cost, water backup, service line, ordinance or law, and debris removal. We can also explain the difference between the market value and the replacement cost of your home, as well as why it's critical to insure it for the full replacement cost.



Previous owner's claims

Previous owners' insurance claims can impact your client's home insurance premiums. Using the comprehensive loss underwriting exchange, we can be able to obtain this information (CLUE). If there have been several claims on the property, insurance companies may be concerned that the house will have long-term problems, resulting in higher premiums. Pay close attention to any water damage claims that have been filed is critical.



Reviewing the home inspection report

Once the house is inspected, sharing the report with your independent insurance broker like us is a good idea. An Insurance Expert can highlight any red flags that might impact insurance rates, such as the age of the roof, other building materials, and the electrical system, cracks in the foundation, the presence of mold or leaks, damage from rodents, and more.



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