Thinking about buying a home? You may want to give us a call first! Insurance costs can vary, depending on the property you’re considering. Here are some factors that affect what you pay for homeowners insurance:
- Size of the home: Square footage matters when it comes to buying insurance. Generally, insurance costs go up with the size of the home.
- Condition of the plumbing, heating and wiring: Older homes may be more costly to insure due to the potential risks associated with outdated electrical systems or aging pipes.
- Building materials: Homes built with sturdy fire-resistant materials such as brick, concrete and stone may be cheaper to insure than softer, more-flammable materials such as wood.
- Natural disasters: Think about the threat of wildfires, wind, hail, tornadoes and other natural disasters facing your home. Homes in fire-prone areas, for example, may cost more to insure than others in low-risk areas. (Don’t forget that damage from earthquakes and floods are not included in standard homeowners insurance policies. Separate policies may be purchased to cover these threats.)
