Homeowners Insurance: 5 Things That Can Raise or Lower Your Home Insurance Rates
A dirty word in the lexicon of many people today is insurance of any kind, because whether you want it or not, it is a necessity. Whether it’s health insurance, vehicle insurance, or even homeowner’s insurance, you should always make sure you are protected against liability and can recover as quickly as possible when unfortunate events occur (and in many cases, insurance coverage is also required by law). You may view insurance as a “bad” thing when it’s time to select a policy and pay your premiums, but you’ll be glad you have it when it comes time to use it.
For those who own residential property, lowering your homeowner’s insurance rates can be easier than you think when you keep these five things in mind:
- Avoid purchasing a home in an area that is susceptible to natural disasters like fires, floods, earthquakes, mudslides, or avalanches.
- Make sure your home has updated plumbing. Older plumbing can be fabricated from clay pipes rather than a more durable product like PVC, which means it is more susceptible to damage from wet conditions or the intrusion of tree roots.
- Is your home close to a fire department? Studies show that homes within five miles of a fire department generally have insurance rates that can be 20% to 30% less expensive than homes that are farther away.
- Does your house have a security system or burglar deterrent measures? From motion activated flood lights to perimeter alarms, a security system can definitely help you with lowering your homeowner’s insurance rates.
- If your home has “temptations” that attract neighborhood children, like a swimming pool, are those temptations adequately secured against uninvited guests?