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If you purchase a new home, you will need to purchase homeowner’s insurance. If you’ve never owned a home before, you may not realize all the factors that go into the cost of insurance. When looking for a home, it’s easy to get caught up in the house’s structural design, the marble countertops, curb appeal, appliances, etc., and forget about features that affect your home’s insurance cost.
Build and age: When a homeowner is considering buying a home, the first and most important feature to look out for is the structure and build of the home. Some people prefer homes constructed with wood over homes built with bricks. Your insurance company may charge you a higher premium for a house built solely with wood because it’s more flammable than a house built with bricks. Another factor is the age of the house; the older the home, the more money required to maintain and repair, which might, in turn, increase the cost of your insurance premium.
Location: Your location affects how much you pay for insurance. The riskier your home’s location, the higher the premium you pay. People who live in areas prone to natural disasters like hurricanes, tornados, earthquakes, landslides, or floods should expect to pay a higher premium when compared to those who live in an area less prone to such disasters. If you decide to buy a home in the coastal region, the cost of protecting your property is something you should factor in when making your decision.
Home safety: How safe is the location of your home? If you live in an environment that has a high crime rate, you should expect to pay a higher insurance premium for your home. Most homes located in neighborhoods not considered safe usually come at a lower price, but your insurance premium might take a considerable amount of what you saved. You can reduce your insurance costs by installing other security measures in your home. New locks, especially smart locks, surveillance cameras, and other security features are all safety measures that can reduce your insurance premium. If your home is in a controlled-access community with secure gates or entry guards, you may see a reduction in your insurance premium.
Condition of the roof: The shape of your home’s roof is an essential determinant of how much you will pay for your insurance cost. A house that has a damaged or faulty roof takes a considerable amount of money to repair. Additionally, while the look of cedar-shake roofs is beautiful, in some areas they pose a fire hazard. When looking to buy a home, do not neglect to note the age and condition of the roof. Aside from the build of the house, it is the next most vital factor.
These features and others affect how much you pay for insurance. Be sure to factor the cost of protecting your home into your budget when you go house hunting. Your realtor can also help you get a good deal for your home insurance, so be sure to ask!
As a lifelong resident of Litchfield County, Heather is quite familiar with the beautiful Northwest Corner of Connecticut. In partnership with her husband at Turri, Inc., in Torrington, she managed and grew a 30+ employee electrical contracting firm that served both the residential, commercial and industrial industries. Currently residing in Goshen she hopes to transfer and utilize many of the skills she learned in contracting to the real estate industry.
Knowing how a vital community relies on its volunteers, Heather spent many hours in several capacities at local organizations that she admires. She serves on the Woodridge Lake Finance Committee and House Committee, Victoria Court Condominium Association (secretary) and Educating Canines Assisting with Disabilities (volunteer and nursery mom). Heather has also been involved with Goshen Community Care & Hospice (president of board of directors), Warner Theatre (board of directors), LARC (volunteer), Festival of Trees (founder), the Northwest Chamber of Commerce, and Goshen Business Circle. Heather also served as Vice President of Woodridge Lake’s Board of Directors.
In Heather’s spare time, she enjoys spending time with family usually in an active way by playing tennis, golf, boating, hiking and skiing.
Heather is honored to be a part of the E.J. Murphy team and hopes you will contact her with any of your real estate needs.
