During the pandemic restaurants and other businesses suffered loss in revenue in the Winston Salem and triad area, while the home market soared. Many Realtors complained of low inventory but were very happy that houses that were on the market moved quickly and were even under contract in a matter of hours. Buying a home can be a complicated process and you want to protect your investment. Here are three tips to ensure that you are moving forward while protecting yourself.
You have to have homeowner’s insurance so getting your home covered correctly with replacement cost coverage is something that is strongly encouraged. Your home is your largest asset, so make sure you understand how your coverage works. When a loss occurs is not the time to find out that your home is not covered properly.
Home owner’s insurance doesn’t cover the repair of the burst pipe but home warranty could possibly fix the pipe in addition to the electrical, plumbing, or appliance that caused the issue. Think of it as supplemental insurance like Aflac for the incidentals. Also, if the appliance or major home system item breaks down for general wear and tear the repairs or the cost to replace is on the homeowner. If you don’t have a home warranty, ask the seller if they would purchase a home warranty for you as a part of the buyer’s agreement. It may only be for a year, but after that you can pick up the premium if you like.
Policies and warranties will vary, be sure to talk with your agent and warranty provider. Understand what is covered and what the exclusions are. The last tip is home maintenance, things that you should do each month to ensure that your home runs smoothly. For example, changing air filters, ensuring circuits are not overloaded. Reduce the chances of having a major issue by doing these maintenance tasks routinely. But if you do have a disaster be sure to keep this number handy 336-946-1131 “Like it never even happened.” SERVPRO of West Forsyth County.
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