Searching for your first home can be a mix of emotions!
There is a lot to consider – Where the home is located, how old the home is, the condition of the roof, proximity to water, and other factors all impact your homeowner’s insurance rates.
Use this guide to be financially prepared and protected to help you land the best home insurance rate for first time buyers.
5 factors that affect homeowners’ insurance premiums:
1. Location: The closer you live to a fire station, fire hydrant or police station, all help lower the cost of insurance. The same goes with the further inland, away from water and flood zones the less it costs to insure.
2. Age: Older homes that are more susceptible to plumbing issues, outdated electrical or poor wiring are factors that go into the cost of the potential rebuild. Older features such as plaster walls, and wood flooring can also increase your rate.
3. Value: A good rule of thumb is that the more your home value is, the more expensive your insurance will be. A $250,000 home will have a less rate than a $650,000 home.
4. Roof: Check the roof’s condition, this is an important feature of your home that protects you and your family. If the roof is old, missing shingles, and over 15-20 years old then you will be paying a higher rate. A new roof will make your home more weather resistant which will lower the cost of your insurance.
5. Fun items: A house with a pool, hot tub, trampoline, or anything that could potentially be dangerous to guests or trespassers increase your home insurance.
What are different ways to help lower your home insurance?
- Bundling your home and auto policies
- Upgrading safety features in your home (new electrical, new plumbing system, automatic water shut off and burglary and fire alarm system)
- A new roof
- A new HVAC system
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