While the main expense that people will want to consider when buying a home is their mortgage payment, the other costs, such as property taxes, home insurance, utilities, maintenance, and repairs do add up. To avoid a financial crisis after moving into a home, you want to educate yourself on these expenses.
Knowing what factors play an important role in determining your home insurance premiums can help you keep this expense down when you buy a home and purchase an insurance policy.
The roof is not something that you will likely analyze on a deep level, aside from making sure it is in good condition. However, it can play a role in how much you pay on insurance. When you get a property with a noncombustible roof, you will save money due to the reduced chance of the home burning down.
Another detail that you may only pay attention to for preferential reasons is the building material. If you want to maximize your savings on homeowner’s insurance, brick construction is the way to go. Brick homes are at less risk of damage from fire or wind, but at the cost of being susceptible to earthquakes. As long as you avoid buying in an area with substantial earthquake risk, you will easily save money.
As a homeowner, you can spend money to add a variety of security features. However, this requires that you spend money after buying the home. It is ideal when you can get your hands on a property that is already equipped with security features, such as security fencing around the home. The fencing will make your home more secure, and insurance providers will reward this with home insurance savings.
It is not too hard to find properties that have security systems installed. While it will still require that you take over the current alarm monitoring plan or start a new one with a security company, you do not have to worry about investing your own money into getting the system in the first place.
Just as certain property features can save you money, others can lead to higher premiums. When low-cost is the priority, you want to avoid homes with features such as a pool or hot tub. Although a pool fence will minimize the risk involved with having a pool, it is still riskier than having no pool at all.
Keeping these features in mind will help you buy a home and save money on home insurance.