Choosing the right home insurance may be the most critical decision you will ever make for your home. For most people, a home is a significant investment, an investment from one's sweat, blood, and tears. Thus, it needs to be protected from threats, damage, and theft. Here are a few things to consider when it comes to the cost of home insurance.
Which State You Live In
The updated current average home insurance cost in the US is $1,192. This information is from the National Association of Insurance Commissioners. The price varies from state to state because of regional risks in weather such as forest fires and hurricanes.
The type of home insurance policies also varies from state to state. There are three categories of home insurance: dwelling, personal property, and personal liability.
How Old Is Your Home?
Insuring a newly-built home is cheaper compared to paying for insurance for an old property. An old house is more likely to have electrical problems, questionable foundations, and problems concerning aging construction materials. You can reduce your monthly costs by doing some repairs and updates in your home.
The Land Value
Land value varies according to location. Rural areas are cheaper compared to land in the city or near major amenities like airports, ports, schools, and malls. You can find the latest information on land value from a local land development office near you.
What Is Your Credit Score
Most insurance companies check the credit scores of their applicants, and although they guarantee people of their applications, they may offer a high home insurance premium to people who may have low or questionable credit standings. Sometimes, it’s not stated if insurance companies ask for your credit score from credit bureaus, but you may ask a representative about this.
Save up on home insurance costs by asking for any available discounts like discounts for seniors or if your property is located inside a gated community. You can also save by bundling your home insurance with other insurance products like your auto or life insurance. Finally, ask if there are discounts if you install home security features, smoke alarms, and many more. Talk to a home insurance representative to get the latest information.
At All Things Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (763) 645-5450. Get your free quote today by CLICKING HERE.