Aside from cost there are five things that you need to know about insuring your Cape Coral home. As a current or future homeowner knowing these things up front can save you money.
- Four point inspection – If a home is 25 years or older it will be necessary when purchasing it to have a 4 point; the items looked over are air conditioning system, electrical, plumbing and roof. This is a separate cost from the actual home inspection.
- Wind mitigation inspection – Any home built prior to 2002 will benefit from a wind mitigation (this also applies to re-roofing a home of any age) and will potentially provide you with wind credits on your homeowner’s policy. Savings can range from $200/year and up. Cost of wind mitigation is approximately $75/up and is only needed once.
- Plumbing – Some types of plumbing will render the home uninsurable so it is very important to know what type you have and the general condition it’s in. PVC meets current code and copper is usually found in older homes. While copper is generally ok it should be checked at the joints for any leaks or severe corrosion.
- Roof condition – Florida sun and rain is hard on asphalt shingles; most only last around 15 years and replacing a roof is anything but inexpensive here. A home with an older roof (13+ years) will usually require a 3 year roof certification to obtain a policy.
- Electrical – Older homes were built with aluminum wiring and insurers are asking if there are any “double taps” or open sockets on the breaker panel. Any open sockets will have to be repaired prior to the insurance company binding your policy and must include all invoices, permits and photos.
Always have a licensed inspector/contractor verify condition for you. Some of these things can be determined prior to contract and inspection by looking under sinks for type of plumbing and verifying permit history with the city and county. Homeowners that wish to sell their Cape Coral property would benefit from verifying this information prior to putting your home on the market also. Knowing any defects or potential negotiating points can help in pricing, marketing and finance availability for potential buyers.