Before you waive that condition on financing or home inspection here’s what you should do.
While purchasing a home one of the last items many people think about is home insurance.
They just assume they can get insurance and that it will be in a certain price range based on what a friend has told them
Here’s what you should do when you submit an offer on a house.
Find an insurance agent right away and if possible, check what it will cost to obtain insurance as soon as you sign your agreement and before you waive any conditions.
An insurance agent can check the history of claims in the neighbourhood and can let you know about claims for flooding and sewage back-ups or vandalism.
This can greatly affect the insurance rate on the home you want to purchase in a particular neighbourhood. Rates do vary according to area.
Low lieing areas that tend to flooded basements have higher rates.
This is important information that any buyer should have before deciding to waive their conditions and complete the deal.
Also things like knob and tube wiring greatly affect your insurance rate or if you can even get insurance as some companies are not keen to insure older downtown Toronto homes with original wiring.
If you follow this simple quick tip & buy with your head instead of your heart, chances are you’ll get the house you want at a price you can afford, with no unwanted surprises later.