7 Home Features that will Save you Money on Home Insurance

Written by Mike

Shopping for a new home is supposed to be fun. Unfortunately, the financial impact often times gets in the way of having a good time.

In addition to setting a budget for the actual purchase price, you need to consider other details such as the property tax and cost of home insurance coverage.

Upfront, you may not think much about the cost of a home policy. Instead, you take this for granted in hopes that everything works out in the end.

Rather than take a big risk, it is important to focus on the cost of coverage before you ever purchase a home. Remember, there are steps you can take to lower the cost without giving up the quality coverage you need.

Did you know that there are particular home features that will save you money on insurance? Here are seven to look for as you shop for a new property:

1. Alarm System

Hands down, this is one of the best ways to save on the cost of home insurance. If you find a home with an alarm system, you are going to save money from day one.

You could always add one of these at a later date, but this is an added expense that you may never get around to dealing with.

2. Smoke Detectors

This is not one of the most important features that will help you save money, however, it is something to keep in mind. Even if a house does not have fire and smoke detectors, you can add these for a few dollars.

3. Updated Electrical System

Are you interested in buying an older home? If so, you need to have a qualified electrician inspect the entire electrical system. An older system can lead to a much higher premium. Not to mention the fact that you are also at a higher risk for a home fire.

4. Updated Heating and Cooling System

With a high quality, safe HVAC system you are going to enjoy a better rate. Along with this, you will not have to worry about the high cost of replacement anytime in the near future.

5. Updated Plumbing

Much the same as an updated electrical system, you want to make sure that the plumbing in the home is up to par. If you have an outdated plumbing system you are at risk for a leak or “all out” flood. Naturally, your home insurance rate will be higher.

6. Storm Shutters

Do you live in an area that is known for heavy rain and big time wind? Storm shutters can help protect your home against damage and your wallet against a high home insurance premium.

7. Proximity to a Fire Department and/or Fire Hydrant

This may not be a “make or break” detail but it is definitely one to consider. If you are looking for a tiebreaker as you decide between two homes, this may be something to consider. The closer you are to a fire department and/or hydrant the shorter the response time is in the event of a fire.

If you find a home with several of the features detailed above, you can expect to save money on insurance coverage.

This entry was posted in Home by Mike.