Homeowners insurance may seem like a huge expense each month, but it’s something that no homeowner should go without! Certain factors can impact the cost of your homeowners insurance, so you do have some control over how much you pay. Here’s a look at some of the factors that figure into your premium.
- The construction of your home: Homes made with more durable materials are less susceptible to damage and therefore generally cost less to insure. If you’re home shopping, focus on homes made of brick, stone, or block if you want to reduce insurance costs.
- The overall condition of your home: Keeping your home in good repair means fewer accidents and less damage from storms. Your roof, in particular, needs to be kept in good shape.
- The presence of safety features: If your home is outfitted with burglar alarms or other safety devices, you may be eligible for a discount on your policy.
- The presence of smokers in the home: Smoking in the home raises the risk of a fire—which increases the cost of your homeowners insurance. Just one more reason to kick the habit!
- Your home’s location: If your home is at greater than average risk for flood, earthquakes, or other damage, your premiums will probably be higher. Take this into consideration when you are shopping for a home.
Prices among policies can vary widely, so talk to a reputable insurance agent about your options.