Keep your homeowners’ insurance affordable with these 4 home buying considerations

August 28th, 2015 by admin

If you're in the market for a new home, no doubt you know you need homeowners' insurance before you can close. What you might not know, however, is that the house you choose will actually influence the insurance rate you end up paying. In order to make living in your dream home more affordable, consider these factors that can affect your eventual homeowners' expenses.

The local fire department

Houses that are located nearer to their local fire departments usually cost less to insure. In addition, if your local fire department is highly-rated and staffed with permanent, professional firefighters, you could end up paying less for your homeowners' insurance policy. If you have a fire hydrant nearby you could also be eligible for a discount, as insurance underwriters place a high value on a community's value on fire protection.

Age of the home

While older homes can be beautiful, they can also be more expensive to insure. Older homes' ceiling molding, plaster walls or hardwood floors can be costly to replace, driving up insurance rates. Their electrical and plumbing systems can also be less reliable than ones installed more recently, increasing the likelihood that they will require maintenance or repair. If you are set on buying an older home, consider the cost of updating these systems, as it may be worth it to lower your insurance payments. 

Close to the coast?

Having a house that is close to the coast has many benefits, but one hidden inconvenience is that they cost much more to insure than houses further inland. They may require special hurricane or windstorm deductibles because of their elevated risk of storm-related damage. 

Condition of the roof

The condition or age of the roof may not be apparent just from looking, so you should always be sure in inquire. A new roof is less likely to need to be repaired, and can keep you and your family safer. If the roof uses fire or hail-resistant materials, you may even be eligible for a discount. 

For reliable home insurance in Hampton and its surrounding communities, contact Fundy Mutual today.