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Insurable Interests
Vol.
12, Issue
1 •
September 2016
Talk to Us If You Are Considering a Home Far Away
Perhaps you are dreaming of a second home on the Gulf Coast or a cabin in the woods or a condo in San Francisco. Before you move too far ahead, please give us a call so that we can make sure your dreams are not derailed by insurance.
Different states and regions have different insurance laws and requirements. While you probably already know what those are where you live now, you might not be as familiar with what would be required somewhere else.
For example, insurers in hurricane-prone areas usually require that a house have a variety of things in place to protect against hurricane damage. If the home you are considering does not have those, it could be an expensive proposition to retrofit the home. And even if you do, the cost of insurance could be significant.
The cabin in the woods? It is a long way from the hustle and bustle, but it probably also is a long way from a fire hydrant. Insurers might require that you have a smoke detector connected to an alarm company in order to get coverage.
And the condo in San Francisco? Insurers are going to want to know that you are protected against earthquake damage.
If you are thinking about buying property outside your geographic area, we can help you answer three very important questions:- Can you get insurance at all?
- What changes might you have to make to the structure or property in order to get insurance, and how much will those changes cost?
- How much will the insurance itself cost?
Once you have this information, you can make an informed decision about whether you should go ahead and buy that dream house, or whether it is likely to become a nightmare.
At The Bensman Group, we are always happy to talk with you about this or any other insurance or wealth management need. You can contact us at 847-572-0820 or dmiller@bensman.com.
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