When you enter a home, you are looking for the features you want and need-such as bathrooms, bedrooms, and a backyard. But there are some other things you should be looking for as well when shopping for your new house. Being aware of the potential risks in any given property can save you a lot of money in the long run.

• Home Insurance Risks

When you apply for a homeowner's insurance policy, your rates will be based on the risk factors that the insurance company sees in the property. Certain factors can increase your rates, and some can even mean you don't qualify for the best policies.

A swimming pool is something most people don't recognize as a risk factor. Insurance companies see it as a liability risk and are likely to increase your rates. If the pool doesn't have all of the features required (such as a fence of a certain height) you may even find the company refuses to cover it.

Old wiring is another risk factor insurance companies don't like to see. It increases the odds of a fire, which makes it a risk for your family's safety as well.

• Risks Of Future Damage

When you look at a house, you should also look at where it's located. A home in a flood plain or near any body of water is at a higher risk for flooding. Homes on hills may be at risk of landslides or other earth movement that can do a lot of damage.

There are also factors about the home itself than can mean damage in the future. It's important to make certain it is up to current codes and that the foundation is solid and without damage. Foundation damage can occur over time due to earth movement, weather, water damage, and more. It's vital to have an inspector look at it closely, as foundation repair is very expensive.

• In The Details

There are some risk factors you can see just by looking at a home and the area it is in, but others are harder to spot. A thorough inspection by a licensed home inspector is the best way to make sure that you are buying a safe and secure home without hidden problems that can come back to haunt you.

Make sure you get a full inspection and go over it with a professional before you make an offer on a home. It will uncover all of the risk factors you need to know about, both large and small.