The price of insuring a property can raise the cost of ownership significantly.

There are various factors that affect the cost of insuring a home:

· Location. A home near a fire hydrant or protected by a professional fire department, as opposed to volunteers, will cost less to insure.
· History of claims. Previous claims push up the cost of insurance. Ask the seller to provide a home’s insurance claims history report. This information is available from the sources: The CLUE report is $19.50 and can be purchased at: http://tinyurl.com/26m57uo. The A-Plus report is $9 by mail and $13 by fax and available at: http://tinyurl.com/293slq7.
· Need flood or earthquake insurance? Policies for both of these perils are sold separately and can be pricey.
· How old are the systems? Electrical and plumbing systems that are less than 10 years old cost less to insure.

Source: Associated Press (04/23/2010)