Are you shopping for a new home and are concerned about the cost of your homeowner’s insurance? If so, there are many features and factors to consider when shopping for a home, as, unlike your home loan, you cannot refinance your homeowner’s insurance to improve your premium rates. So, to ensure your new home has affordable homeowners insurance, you will want to be sure that you shop for a home that:
Isn’t Prone to Weather Damages:
Homes in designated fire, floods, and high wind areas can be dealt with a higher homeowner’s insurance premium. This can spike your insurance cost, making a living in your new home more expensive. Not only do you worry about this added expense, but you also have to worry about your home being compromised by any potential threats that these weather conditions can pose to your home.
In A Low Crime Neighborhood:
Homes located in an area of town with a low crime rate can lower the cost of your monthly home insurance premium. This is because your home is less likely to be broken into or vandalized, based on the statistics in your community. Because of this, your insurance company won’t see you as a liability, allowing them to offer you lower rates for your coverage. So, when shopping for your new home, keep this factor in mind to ensure you maximize your savings on your insurance policy.
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Is Close to a Local Fire Station:
Insurance providers will look into how far your new home is from a local fire station and what type of services, equipment, and abilities your local fire station has. These factors can influence the cost of your homeowner’s insurance, so definitely be sure that you find a home within a few miles of a fire station, so you can be sure that you are getting a reasonable price on your insurance premium.
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Changes You Can Make to Reduce Your Home Insurance Bill
When you’re interested in reducing the amount of money you spend each month, one of the common approaches is to look at your household expenses and see what changes you can make. While adjusting your satellite TV programming or carpooling to work can help you spend less, changing your home insurance in Florida can also translate into more money in your monthly wallet.
There are various methods of lowering your insurance bill, including those that require a bit of effort from you and those that are as simple as calling your agent. Here are four strategies worth considering.
Add A Security System
A secure home is less likely to fall victim to a burglary, which your insurance company will favorably. To this end, arrange to have a home security system installed in your home, and then provide proof of the installation to your insurance agent. It’s also worthwhile to ask the agent if other security measures can lower your rate. Depending on the company, changes such as adding motion-detector lights outside your home can translate into money saved.
Have A Smoke-Free Home
Smoking in your home increases the risk of fire, meaning people who smoke have to pay a little extra for their home insurance. If you or a family member smokes, do your best to quit the habit. Whether you use nicotine-replacement products or attempt to quit cold turkey, you’ll be helping your insurance rate in addition to helping your health. Talk to your insurance company about how long you have to be smoke-free before you get the rate reduction, as the length of time varies by company.
Don’t Claim Unnecessarily
While your insurance company is there for you when you need to make a claim, too many claims can cause you to have a higher rate over time. Conversely, going a period without a lawsuit can help to lower your rate. If you experience minor damage in a storm, consider seeing if you can handle the repair bill yourself, as doing so can save you money in the long term.
Pay Once Per Year
If your insurance policy is coming up for renewal, ask your agent how much money you’d save over the year by paying in a single installment. Companies offer a rate reduction for customers who take this approach instead of paying monthly. If you have enough money, this simple change can be worthwhile.
With these features and options, you can shop for a home that offers cheap homeowners’ insurance, so you can be confident that you aren’t hurting your finances each month when it comes time to pay your insurance premium. So, before you rush your home buying experience, definitely be sure to keep the cost of your new insurance in mind, as this will likely help you shop for a home that you can fully afford.
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