Shopping for a new home can be an exciting process, but there are many things you must keep in mind along the way. Is the house going to big enough for your family? What about 10 years from now? Is the home in the right school district? If the house isn’t turn-key ready, are all the upgrades going to be manageable? After the lengthy process of finding that perfect home, the last thing you need is to be surprised by what the homeowner’s policy is going to cost. Here are five things to consider which can unexpectedly impact a homeowner’s insurance premium.
Basement
Whether or not your home has a basement or not can make an impact on your premium, but it doesn't just stop there. If the basement is exposed or not, as well as whether it is unfinished, partially, or fully finished.
Electrical Wiring
Not only does the type of electrical wiring effect your homeowner's insurance policy, but also how recently it has been updated. Older styles of electrical wiring in a house, such as bulb and tube wiring, are not as safe or efficient as modern electrical systems. Recently updated electrical systems can result in lower premiums on your policy.
Swimming Pools
Swimming pools not only need regular, and sometimes costly upkeep, but also are a large liability risk. If an individual were to injure themselves in a swimming pool on your property, you are held liable for it. When there is a significant risk such as this, it can often greatly impact your premium.
Trampolines
Much like swimming pools, trampolines are a large liability, and can be dangerous. A trampoline on your property can result in an increase in your premium.
Distance to the Fire Department
In the event of a fire in your home, every second counts. If the fire department is around the corner from your home, the amount of damage can be greatly reduced in a fire due to the quick response time, as opposed to if you were to live 15 miles from the closest fire department.
Keeping these in mind can help prepare you for when you acquire your new homeowner's insurance policy.