How To Lower Your Insurance Premium With A New Home

Insurance Blog

Are you currently shopping for a new home? If so, there are other expenses besides the home that you need to take into consideration, since the cost of your homeowners insurance will likely increase if you buy a larger property. Well, there are ways to save on your homeowners insurance when shopping for your new home, as you can buy a home that is more secured, safe and reliable. So, when shopping for a new home, be certain that you take advantage of ways to reduce your home insurance premium by shopping for a home that:

Located Neighborhood With a Low Crime Rate:

Insurance providers will take notice of the location of your new home, and if yours is located in a neighborhood that has a high crime rate then this could mean an increase in your insurance premium. This is due to the fact that you are more prone to dealing with a home break-in, as crime is more active in your community.

Because you are a bigger liability, your insurance rate can increase big time, so when shopping for your next home, consider a community that has a low crime rate, as well as a gated community. Safe and gated communities can save you money, and help you avoid having to file claims to utilize your insurance coverage for a home break situation.

Is Near a Fire Station:

You may not be aware of this, but by living near a fire station you can prevent your insurance premium from increasing. Some insurance providers may charge up to 20% more on insurance premiums if your home is not within 5 miles near a local fire department. So, when shopping for your new home, be aware of the local fire stations, as this can save you 20% on your insurance policy annually, which can be a major savings throughout the time of living in your home.

Is Newly Built:

Being a liability will always be a main reason why you are paying more for your insurance policy, which is why it is important that your insurance sees you as a safe customer. A great way to avoid being such a high and costly liability is to buy a newer model home.

A home that isn't prone to plumbing, electrical or structural damages can save you a great deal of money on your insurance cost, as your insurance won't feel the need to bump up your premium because they do not see you as such a big liability of filing a claim for home damages.

Not only is buying a home that fits one of these safety or security measures going to save you on your homeowners insurance cost, but this will cut the cost of your homeowners insurance without you having to cut the coverage that you are receiving. This allows you to save thousands of dollars over the time that you live in your home, all while being backed by a reliable insurance policy.


29 October 2014