3 Tips For Buying A Home With Low Insurance Rates

Posted by on Mar 25, 2016 in Uncategorized

When buying a new home, not only are you presented with the new cost of your home’s mortgage and property tax, but you will also have your homeowners insurance rate to worry about. In most cases, there is very little you can do to reduce the cost of your mortgage rate and property tax. However, there are a few solutions that can help you obtain a lower homeowners insurance rate. So, before you select a house to make an offer on, be sure to consider finding ways to obtain affordable homeowners insurance by doing the following:

Check the Local Crime Rate:

Crime rate can easily influence the cost of how much you end up paying for your home insurance. This is why it is critical that you find a neighborhood with low rates when it comes to the history of crime. You will also want to check for crime trends. If the crime rate in the neighborhood that you are interested in is rising then your insurance rate may be increased years after buying your home. Checking this will help you save on your insurance rate as insurance providers will feel like you are less of a liability by living in a safe community. You will also have a lower chance of having to file a claim for home damages caused by theft, which is another way you can save.

Avoid Buying A Home Far Away From A Fire Station

Did you know that if your home falls outside of a fire station radius, which can sometimes be a 5-mile distance, you could be paying higher insurance rates? This increase can add up over the time that you live in your home, which is why checking for local fire stations may be something to keep in mind.

Consider a Gated Community:

Reducing the chance of home theft and having to file claims can definitely reduce the cost of your homeowners insurance. So, if you have been thinking about moving into a gated community, consider doing it if you want to maximize your savings on your insurance bill. Moving into a gated community is another way to avoid home damages as burglars are less likely to put forth the effort and break into your home if there is a huge gate or alarms surrounding your home. Insurance providers will provide you with discounted rates as you are less of a target for home theft.

Applying these concerns and tips when shopping for your new house can help you not only find a home that is in a safer neighborhood, but will also help you obtain more affordable insurance rates. Check out the site for your real estate agent for more information.