MONDAY, APRIL 25, 2016
It can be problematic to find an insurance company to cover your home in Venice if it is over 30 years old. Particularly on the Island of Venice, where many of the older homes exist. You want to keep the charm of your home, but make sure the proper updates have been made to guarantee the property is in insurable condition.
Things to Consider:
1) How old is your roof? The ideal age of a roof is 15 years or less. If your roof is 15 years old, the insurance company will want to see that you have 5 years or more of life left and in good condition. The life of a roof can potentially be extended with regular maintenance. It can also save you money in premiums to have a newer roof.
2) The electrical panel in a home is the very heart of the home. If you have a home that is over 40 years old, you may be courting a disastrous fire hazard. Be particularly cautious of Federal Pacific Electric and certain Zinsco brand panels which are known for their potential to cause a fire. Have a local electrician review your options with you.
3) Visible plumbing should be updated every 20 years. Many older homes have galvanized steel pipes. This type of steel is well known for corroding over time and can cause significant water damage. All insurance companies will want pipes underneath the sinks to be copper or PVC.
Inspections:
To detect any problems, getting a 4 point inspection from a reputable, licensed inspector is the way to detect what issues your insurance company may bring up. A beautiful home may still harbor some of these troublesome issues and it is certainly better to understand the full condition of the home prior to buying rather than after!
What Insurance Will and Will Not Cover:
Not all homeowners are familiar with what their insurance will cover and what it will not. It is the job of your agent to explain to you just what is covered. There is more to it than just covering the interior and exterior of your home!
Talk to an agent today about insuring your older home, call our office at 941-493-1583.
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