Is it difficult to get Homeowners Insurance?
Home insurance is readily available, but the cost will be dependent upon what you are purchasing. For properties older than 30 years you will be required to provide an additional “4-point” inspection report which is an additional evaluation of the Roof, Electrical, Plumbing and Air Conditioning system. If one of these is considered a problem or outdated, the insurance company may require updating before insuring.
Flood insurance may or may not be required, depending upon FEMA’s determination of a flood zone.
Buyers need to be aware that a general homeowners insurance policy does not cover “rising water” and just because a property requires “flood” insurance does not mean that it is in an area that will flood. Sometimes the flood insurance required has no bearing on the specific location of the property and typically is an inexpensive added protection.