Thinking about a new home? Think about insurance.
Shopping for a new home can be fun and exciting, but with all the associated expenses, it can be stressful as well. One item that homebuyers rarely consider is the cost of home insurance.
Things like having to replace floors or kitchen cabinets may sway a homebuyer’s decision, but the cost of insuring the home is rarely considered. What many homebuyers don’t realize is that by considering a couple of additional factors in their buying decision, they can easily save a few hundred dollars on their home insurance costs every year.
Here are a few key factors to consider before purchasing:
Location – If you live in a neighbourhood with a low crime rate you’ll pay a lower premium.
Proximity to fire protection – The closer you live to a fire hydrant or fire station, the lower your premiums will be.
Heating – You’ll likely burn more money on your home insurance premium if you’re using oil or own a wood stove to heat your house.
Wiring – Do you have breakers or fuses? Are the wires themselves old? Is there low electricity flow coming into your house? All will affect your insurance costs and eligibility for home insurance; and your insurer might even require you to upgrade.
Roof – If it’s been more than 20 years since your roof was last re-shingled, you might not qualify for home insurance until it’s done again.
Other factors like monitored security and fire alarm systems can lower your premiums, while a swimming pool can increase them.
Before you make the final decision on the purchase of a new home, compare home insurance quotes on HUB Insurance Hunter and connect with one of our brokers to discuss your insurance needs.