Buying a Terravita Scottsdale home is one of the biggest purchases you’ll make in your lifetime.  And finding the right home insurance plan to go along with your purchase is just one part of being a homeowner. In fact, it’ll likely be a requirement when applying for a mortgage. Many factors go into determining whether you’ll receive a favorable premium along with your ability to insure your house altogether. 

Here are some key factors that’ll impact this: 

Location

How much you’ll pay for home insurance on your house depends on the location. Home insurance safeguards your Terravita Scottsdale home, personal property and more. Luckily, in Arizona, we’re not susceptible to hurricanes, wildfires, or other natural disasters where you could end up paying more for insurance. 

 

Construction 

The way your Terravita Scottsdale home was constructed could also impact your home insurance premium. If your house is older, you may need to update. For example, outdated wiring, galvanized steel pipes for plumbing, and a storm-sensitive roof are just a few things you might need to replace in order to insure your house or at the very least, to get a lower insurance premium.  

 

Home Replacement Costs

The value of your Terravita Scottsdale home can change — over the next month, year or decade. Since the real estate market regularly fluctuates, what your home is worth now mostly likely will change. So you really can’t use the price you paid for your house to determine the cost to replace it. Instead, you’ll need a professional home appraisal to determine the cost to replace your home so you can insure it accordingly. 

 

Flood insurance

While we generally don’t need to worry about flooding in the valley, it does happen. A standard home insurance policy, though, does not cover flood damage. On the other hand, you might be required to purchase flood insurance if your house is in a flood zone. Even if your house isn’t in a flood zone, your house can still be damaged even from a few inches of water. 

 

Possible liability

If your Terravita Scottsdale home has potential liability hazards, it could raise your home insurance premium or make it tough to insure your house. Some of those hazards include owning a large dog, having a swimming pool and/or trampoline. 

Considering your home insurance options is a good idea as your searching for your home.