When buying a home, it’s important to consider the things that might affect your insurance rates. There are many factors that can lower or raise your rates by hundreds, even thousands of dollars per year. Goosehead Insurance is here to help you understand those factors and make sure you get the best deal, no matter your situation. Below, we share MSN Real Estates’ factors to consider, and how Goosehead can help.
1. Is the area susceptible to hurricanes, mudslides, wildfires, or other natural disasters?
Natural disasters have become so costly that many large insurance companies refuse to provide coverage in certain high risk areas. If you buy in one of theses areas, you could find yourself paying an extra $3,000 or more a year just for your insurance.
Natural disasters have become so costly that many large insurance companies refuse to provide coverage in certain high risk areas. If you buy in one of theses areas, you could find yourself paying an extra $3,000 or more a year just for your insurance.
2. How is the roof? New? Wind/Hail resistant?
If the roof, or even plumbing for that matter, is over 25 years old, you could have trouble finding coverage from a reliable company on your own. If you are purchasing a home, you can ask the seller to update these items before closing. A wind/hail resistant roof can save you up to an additional 20%.
If the roof, or even plumbing for that matter, is over 25 years old, you could have trouble finding coverage from a reliable company on your own. If you are purchasing a home, you can ask the seller to update these items before closing. A wind/hail resistant roof can save you up to an additional 20%.
3. Does the electrical system meet current code?
Unlike the plumbing and the roof, the electrical system doesn’t need to be replaced to qualify for a good insurance rating, but it does need to have been updated within the past 25 years to meet current codes. That means circuit breakers; no old-fashioned fuses.
Unlike the plumbing and the roof, the electrical system doesn’t need to be replaced to qualify for a good insurance rating, but it does need to have been updated within the past 25 years to meet current codes. That means circuit breakers; no old-fashioned fuses.
4. How far away is the fire department?
If the home is more than 5 miles from a fire station, your rates could start rising. They might jump by 20% to 240%, depending on the homes distance from a fire station or hydrant.
If the home is more than 5 miles from a fire station, your rates could start rising. They might jump by 20% to 240%, depending on the homes distance from a fire station or hydrant.
5. How secure is the home from burglary?
A burglar or fire alarm that automatically generates a call to a security company or fire station can mean a 5% to 10% discount on your premium. If it’s in a gated community or in one with its own security measures, additional discounts may be available. Some insurance companies even consider whether your home is visible to neighbors or passers-by; visibility reduces risk.
A burglar or fire alarm that automatically generates a call to a security company or fire station can mean a 5% to 10% discount on your premium. If it’s in a gated community or in one with its own security measures, additional discounts may be available. Some insurance companies even consider whether your home is visible to neighbors or passers-by; visibility reduces risk.
6. Is there a swimming pool on the property?
The premiums likely won’t be much higher for a pool or hot tub. If you are buying a home, building an adequate fence immediately is an added cost to consider. Also, some insurance companies will not take a pool with a diving board. Similar rules can apply to homes with trampolines.
The premiums likely won’t be much higher for a pool or hot tub. If you are buying a home, building an adequate fence immediately is an added cost to consider. Also, some insurance companies will not take a pool with a diving board. Similar rules can apply to homes with trampolines.
At the Brockman Agency, we represent over 20 different A-rated insurance companies, and our job is to find the coverage that fits your home perfectly. With exclusive access to companies and discounts, we can find the best coverage for you at an affordable price, no matter what your situation is. Visit our site to learn more & to get home insurance quotes or give us a call today at 877-98QUOTE.
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