While shopping around for a new home, families may not consider how many factors can impact their home insurance rates. The search and buying of a new place can be exciting and exhausting. Finding a new home, whether it is newly constructed or a fixer-upper will determine how much or how little you may spend on homeowners insurance. There are six key factors to consider before you purchase your new home!
How old is the home?
While a newly constructed home is desired when home buying, many prefer to get an older home as it can be cost-effective. This is a perfectly good route for first-time home buyers but be aware of the condition of the home. To further reduce home insurance rates, it is wise to make key updates such as electric wiring, roofing, plumbing, and foundation renovations. Consult with your insurance company before doing so. When making improvements, please follow the Florida Building Code which was designed protect against tropical storms and hurricanes. Check out their website here!
On the other hand, if you go with a brand new home, insurance companies may give you discounts! That is because newer constructed properties are built to updated Florida building codes. Always look for houses from 2001 and up to ensure that it is built up to the most updated building code.
What Building Materials Are used?
The “ingredients” your home was made with can also influence your homeowners insurance rates. This means that some construction materials may be more expensive to insure. For instance, a home made with a wood frame is more expensive to insure than one constructed out of brick. This is because houses made with wood are more prone to wind and fire damage, making them riskier from an insurance standpoint.
The Type of Roof plays a role!
The roof is a new home’s primary source of defense when it comes to the natural elements. Roofs protect against wind, rain, hail, wildfire, and other hazards. If a roof is breached, it will increase the risk of more serious claims. There are many kinds of roofs, and lucky for you, we have a blog about them here!
Location, Location, Location!
Where your home is located will impact your homeowner’s insurance rates. Florida has relatively expensive rates because the state is surrounded by three different coasts. While Florida homes are prone to hurricanes, floods, and other perils, insurance rates may be moderately higher. Your homeowner’s insurance rate will be higher as you move closer to the beach. On the opposite side, if your home is located within five miles of a fire station, or 1000 feed from a fire hydrant, your home insurance premiums may be lower. Look around and see where your house is located and its surroundings.
Upgrades and Features.
Certain upgrades of home features can increase your rates. Others, however, may be eligible for discounts!
Features that may increase your rates:
- Inground swimming pool and/or hot tub
- Custom decorative features such as extensive landscaping
- A fireplace or wood-burning stove
- A patio or porch deck
Features which may be eligible for discounts:
- High-alert alarm system (burglar and/or fire)
- Gated entrance or secured entry
- Wind mitigation
Whew! We covered everything related to home insurance rates. From increases to decreases, homeowners insurance always has you covered.
Our agency is able to cover any home that you decide to buy! We shop for all of your homeowners insurance needs. Please contact us at 850.244.2111 or email us service@harrisinsurance.com for additional information!
LEGAL DISCLAIMER
Views expressed here do not constitute legal advice. The information contained herein is for general guidance of matter only and not for the purpose of providing legal advice. Discussion of insurance policy language is descriptive only. Every policy has different policy language. Coverage afforded under any insurance policy issued is subject to individual policy terms and conditions. Please refer to your policy for the actual language.
