Remember these important insurance factors when home buying.
If you are in the middle of house hunting, you may well be overwhelmed with the amount of paperwork to read and things to think about. Not to be the messenger of bad news, but we have one more important thing to consider when home shopping – insurance. It’s something that future homeowners often overlook, but it can be a nasty surprise when you find out that your dream home comes with a sky-high insurance premium because of its risks. Take a look at what you should consider when buying a new home.
The location of the property is one of the main aspects that insurers look at when determining a premium. If the home is located in an area that is prone to natural disasters and/or crime, you can expect the premium to be high. Homes that are located near fire departments (or even water hydrants) often face lower insurance rates because the risk of total damage from fire is lower.
Prior loss history
Another factor that determines the home insurance cost is the prior claims history on the property. Any prior loss claims that involved filing a home insurance policy can possibly have an adverse effect on your new home – even the previous homeowner was the one that filed it.
Age of home
The age of your new purchase can either be a huge discount or a significant rating factor. The newer your home, the better the rate will be with most carriers. The reason is that older homes have more wear and tear, which makes them susceptible to loss exposure.
Now that you have found your new home, be sure to secure reliable insurance! To safeguard your home from damage, visit the team at C.V. Mason Insurance Agency. Our home insurance policies work to protect residents in Bristol and neighboring cities in Connecticut. Give our experts a call for more information.