Your homeowners insurance rates depend on multiple factors. Locating the ideal home is the first step; the next is to discover an ideal homeowners insurance. While you will need to compare multiple policies before choosing the one that suits your needs, it is always a good idea to be aware of the variables that are taken into account when calculating your insurance premiums. When you finally decide on a home, get to know more about it as much as possible. This will allow you to work with your insurance agent when it comes to knowing about your policy.
The Age of Your Home
While newer homes will get you a few more discounts, older homes may be less expensive to insure. New homes also have amenities to make the home safer and more durable. However, since older homes tend to have more ‘character’, many people will often prefer to look for them, with the knowledge that they can make improvements they want. It allows them to keep the original architecture while they can upgrade the systems for a more modern and secure touch. Old homes can now become new homes while still maintaining their rich history.
Materials Used to Build Your Home
A brick home is less expensive to insure than a home made of wood. This is because homes made of wood are more vulnerable to wind and fire damage, making them riskier to insure. Knowing what materials were used in the construction of your home is important. The same is true for the interior of your home. Marble counter tops are more durable than Formica. Although marble is more expensive, it is less likely to be damaged.
The Type of Roof You Have
The type of roof your new home has will determine how protected it is from the elements. Strong winds, heavy rain, hail, and many other weather hazards can easily damage your roof. Roofs made from asphalt shingles will normally have a life span of around 20 to 25 years. Opting to replace your existing roof with one made of metal or tile may actually save you money, especially if it comes to water damage and leaking. Roofs made of metal and tile are significantly less likely to sustain damage from water leaks.
Location Is Everything
The location of your home says a lot about its risks. Homes that are along the coastline are at risk for hurricanes and earthquakes. Homes in the Midwest will face strong thunderstorms and possibly tornadoes. Homes that are in flood plains are also at a higher risk for water damage. Find out as much as you can about the area where your new property is located to have a decent notion of the dangers you might need to be concerned about for your insurance coverage.
Features and Amenities
Many people forget that certain features and amenities will have a direct impact on their insurance rates. For instance, swimming pools, hot tubs, and trampolines are more likely to increase your risk. Putting up a security fence may lower your risk, but it will still exist to some degree. Having a wood-burning stove or fireplace will also increase your risk and raise your homeowners insurance rates.
You can reduce your risk by being aware of the variables used to calculate your home’s insurance rates. It will also help you to find discounts that will make your rates more affordable. Contact our agents here at Advanced Insurance Group to find out more. We are happy to go over potential risks with you and work with you to determine any possible savings.