Does Homeowners Insurance Cover Termite

The 10 Main Steps in the Home Buying Process

Whether you are a first time homebuyer or a home owner that hasn’t gone through the process for a while, buying a home can seem intimidating.  This guide should lay out the process, taking you from the start to the closing bell.

1. Pre-approval: this is an important first step for two reasons.  First, your agent will want to know a realistic price range to stay within when picking homes to show you.  It does not help anyone to show properties that are well out of your range of value. Secondly, it is critical to pick a bank or mortgage company that is going to work with you and keep the transaction as hassle-free as possible.  Currently, the small, local banks and companies have been the best at delivering hassle-free loans.

2. Shopping: Going into the homes in the decided upon range and looking for the one that best fits your needs is fun and exciting.  Take your time looking at the different homes that you visit. If one catches your eye, but you are in the middle of a whirlwind tour, you can schedule a more extensive second showing for the near future.

3.  Offer: All the offer details are put in writing to present to the listing agent.  Bring your check book as you will need to put down an initial good faith deposit- between $500 and $1000.  This is probably one of the bigger, life purchases that you will make and it is normal to feel some anxiety at this point.   Your Buyer’s Agent should be able to show you the comps of similar properties to demonstrate where this particular property falls into the price range.  If you have found a house that you want to put an offer in, DON’T wait!  Inventory is currently low and qualified buyers are out there looking.  Homes that are priced properly are selling rather quickly and you don’t want to find out that the home you want accepted another offer in the meantime.

4.)   Home Inspection: These inspections can last between 2-4 hours and should leave the Buyer with a very good understanding of all the systems in the house, and what its needs are-both current and future.  A good inspector should will talk to you throughout the inspection, telling you what he is looking for and what he finds. A report should be delivered within 24 hours to keep the sale from being held up.  The inspector should be available for questions after you have reviewed his report.

Does my homeowners insurance cover against damage caused by ...

No matter how good your insurance policy may be, termite damage is probably not included. In fact, your home insurance company may require you to have a termite inspection before they will insure the house, because the cost of repairing a home that has been infested by termites is more than most insurance companies want to take a chance on.

The major problem with termites is that for every one of the insects you see, there are hundreds more in your walls that you do not see. Termites will turn your wall studs, floor joists and rafters into saw dust, and insurance companies are faced with the potential for billions of dollars in damages each year. Because termite control is considered to be a part of regular home maintenance, insurance companies put the burden of preventing them on the homeowner.

Do not kid yourself into thinking that termites are a minor nuisance. A single hive of termites can devastate a home in months, leaving the walls barely able to support the roof and causing an acute danger of walls or the ceilings caving in. Termite infestation requires professional extermination, and it is not unusual for insurance companies to want to a see a certificate of inspection as well as the papers showing that the house has been recently treated to prevent future infestations. For the insurance company, a home with termites is too much of a risk to insure, more expensive than such catastrophes as fire or hail storms.

Some insurance companies do sell termite insurance, but it must be purchased separately from the home insurance policy. And since prevention is easier than extermination, you might be better advised to invest in the regular services of a qualified extermination service. Besides, termites are not the only pests you have to worry about, because ants and rats are also major problems for homeowners and insurance companies alike. By preventing pests from getting into your home at all, you can avoid the hassles of trying to insure against such high risk and costly damages.

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