Buying a home is one of the most important decisions you’ll ever make. With so many factors to consider, it’s easy to overlook one of the most important points: what kind of effect will your new home have on your ability to obtain homeowners insurance? Understanding the things that could affect your coverage and premiums when you buy a home can save you time, money, and hassle down the road.

Copper wiring is an important factor when obtaining homeowners insurance. Copper wiring is much less prone to fire damage than aluminum wiring, which may be found in older homes. When purchasing a home, it’s important to have an inspection done by a licensed electrician who can assess which type of wiring is present in the property. If any aluminum wiring is found, you may still obtain insurance, however, it may be subject to a replacement within a certain time frame.

The service panel or fuse box size should also be considered when applying for homeowners’ insurance. 100-amp service is typically standard today, but if an older home has 60 amp or less service, it will likely result in higher premiums for your coverage since this type of panel carries an increased risk for fire hazards. An upgrade should be considered if this scenario applies.

The roof is another major component that can impact your ability to obtain homeowners insurance. Insurance companies prefer roofs that are updated within the past 20-30 years because they’re considered less prone to wind damage and leaks than those that may be older and more worn down due to age and weather conditions. If there are any signs of wear or deterioration on the roof during an inspection, it would be wise to budget for repairs or replacements prior to closing on the property; otherwise, you could face higher premiums on your policy as a result.

Your HVAC system should also meet certain standards for insurers to accept coverage applications without hesitation. A newer furnace (5 – 10 years old) is preferred over an older model because they tend to be more energy efficient and are believed to reduce risks due to carbon monoxide poisoning and fires from faulty systems. Having this information available when dealing with potential insurers can help them assess whether they want to take on a particular policyholder based on their building’s HVAC system condition and age.

Finally, plumbing material plays a role in determining how easy it will be for you to acquire homeowners’ insurance coverage for your new property too! Copper or PEX plumbing pipes are best since Poly B or Cast-Iron plumbing materials are more susceptible to bursting pipes due to corrosion build-up from hard water deposits over time; this increases risk levels which makes them undesirable from an insurer’s perspective as well as being potentially costly for repairs if something does happen! Many insurers will not provide coverage unless these materials are replaced.

Although it may seem like a lot to think about when you’re already in the middle of buying a home, being aware of these insurance considerations can save you a huge headache. If you have any questions or run into any problems, don’t hesitate to reach out to your real estate agent for help. And if you want to be extra prepared, consider talking to an insurance broker who can compare rates from different companies and find the best coverage for your needs