If you are shopping for a new home, not only is the cost of your new mortgage and your property tax expenses that to keep in mind, but also what your homeowners insurance rate would be. Paying a higher homeowners insurance rate can add up, especially on an annual basis. To ensure you shop for a home with low-cost homeowners insurance, you may want to consider shopping for a home with that offers the following:
Located Within a Low Crime Neighborhood:
The crime rate of the neighborhood you decide to move to can easily influence the price of your homeowners insurance. This is why it is important to find a safe and family friendly neighborhood before you shop for a home. By shopping for a home that is located in a safe community, you will more than likely receive lower rates as you won't be at high risk of dealing with home break-ins or vandalism.
Isn't Prone To Damages Caused by Weather:
Some neighborhoods experience more damages than others when it comes to floods, fire disasters, and high wind speeds. Buying a home that is exposed to these types of property damages can cause you to receive an increased insurance rate, as you are more prone to filing a claim to help pay to have these damages repaired. Insurance companies will take note of which neighborhood you live and if the surrounding homes show signs of damages caused by these events, you will likely be hit with a higher insurance rate. So, when shopping for your home, be sure that you know the history of the types of weather conditions and property damages that likely to occur in that neighborhood.
Is Located Near a Fire Station:
Did you know that you could be paying an extra 20% more on your insurance rate if you live 5 or more mile away from a local fire station? This 20% can add up tremendously and can potentially lead to you paying thousands more a year on the cost of your homeowners insurance. So, when shopping for a new home, make sure that a fire station is within a 5-mile radius of the home's location.
Shopping for a home that falls within these criteria won't only help you save from paying high insurance rates but will allow you to provide your home with excellent coverage without having to compromise coverage to reduce the cost of your policy. So, when shopping for a home, be sure to keep these tips in mind, as they can save you a great deal of money over the years of living in your new home. You can find out more about this topic by speaking with local insurance companies.Share