ERA Key Realty Services
Purchasing homeowners insurance protects your home and assets in case of emergency. As premiums increase, you may wonder what affects insurance costs. There are several factors determining the cost of your homeowners insurance, and understanding them will help you choose the best coverage.
Geographic location plays a huge role in homeowners insurance costs. Areas inclined to certain natural disasters can see a spike in insurance price. Some natural occurrences are not covered under standard insurances.
For example, you may live in an area prone to wildfires. Yes, fires are covered under standard insurance. However, if you live in a place where they often occur, insurance costs may rise.
The premium cost of your insurance may be higher depending on the condition of your home. Living in an older hold may signal repairs may be needed more frequently. Due to this reason, the homeowners insurance premium would be higher.
In addition to the overall home condition, the state of your roof is a large factor on insurance premiums. If the roof is older, it will need to be replaced sooner, and the cost of this replacement can be significant. If the home you purchase needs this replacement sooner, insurance premiums may rise.
Many factors in your very own neighborhood can have an effect on the cost of your insurance. For example, you may live in an area prone to tornadoes. Due to this occurrence happening frequently, it can increase your insurance cost.
However, if you live in an area less likely to be hit by large storms or other natural perils, your insurance premium may be lower.
Hi, I'm Cathy Lomasney and I'd love to assist you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you.
