Quiz time!
When you think of an old house, what year is it built?
If you are an insurance agent, your answer may be vastly different than the year most of us just thought of.
Did you know...that a home built before 1988 is now considered old by the insurance companies! I agree that maybe it will need some updating...but to say a home that is 25 years old is "old" is kind of crazy. And here in North Port, FL where most homes are built of concrete block, it really is kind of surprising.
What does this mean to me?
If you are buying a home that is over 25 years old you will have to have an additional roof inspection...if the home is over 30 years old you will need a 4 point inspection.
If you are selling your home and the buyer is worried about added insurance costs you need to understand that you were most likely "grandfathered in" with your current insurance. Also, if the home you are selling has less than 3 years of life left, the buyer may not be able to get insurance at all!
Is there any good news?
Yes. Although you will have to pay for an additional inspection, many times you can "bundle" a 4 point and a Wind Mitigation inspection in the same inspection....this will not only make your insurance company happy...but it may possibly lower your insurance rates by hundreds of dollars a year!