KMZU’S Elizabeth Orosco spoke with Shannon Bowes, Vice President of Homeowner’s Insurance about recent data from the National Association of Realtors. This data shows that existing home sales hit its highest level in nearly a decade, proving great news for the economy. With summer being the peak time for potential buyers and movers, there are key items for residents to keep in mind as they look into settling into a new home.
A new national survey from Allstate Insurance shows less that half, 47%, of respondents to the survey updated their insurance police after making improvements to their new home, like remodeling or buying new appliances. Similarly, nearly half of respondents said the process of moving into their home was more difficult than the process of actually finding one, which Bowes comments as being a good sign for our economy.
In the new survey only 17% of respondents admitted to having their locks changed on new homes; something that effects your insurance rates negatively and is inexpensive to fix. Many respondents also did not check smoke detectors and carbon monoxide detectors in their new homes, which is something than can be potentially life-saving.
Bowes said there are three different ways to relieve stress from moving. First and foremost, Bowes says, is to take advantage of experts at your disposal like real-estate agents. These agents have many more years of experience in what to look for in homes, and lets you focus on other more personal tasks. Second is finding a reliable home inspector before buying a property. Bowes warns against just “checking off” home inspections, that way no unexpected problems fall on to you once the home is purchased. Last, but not least, talking to your insurance agent. Bowes stresses that speaking with your insurance about your new homeowners policy is a key step in the last days of moving.
For the full interview with Shannon Bowes, click the player below.