If you want to move in with your partner after marriage, then one of the factors that may influence your decision is homeowners insurance. This may be a big issue if one or both of you live in one of those states that average over $100 per month for homeowners insurance, such as Florida, Louisiana, and Texas. Here are some of the factors that may determine how much you pay for homeowners insurance for your marital home:
Length of Coverage
A house that has been insured for a long time, especially by the same insurer, tends to have relatively lower premiums than one that has only been covered briefly. There are several reasons for this. For one, some discounts are only available to those who have had continuous coverage (from the same insurance company). A good example is a no-claims discount, which may entitle you to a 20% discount if you haven’t made a claim in ten years.
Location
Homeowners’ insurance premiums may vary from city to city or even neighborhood to neighborhood. So even if both your houses are in the same town or city, it’s wise to consider their exact locations. For example, a house located close to a fire department with a good response time may cost less to insure than another one in a hard-to-access area.
House Details
Next, compare the individual details of the two houses such as their respective sizes, the number of rooms, materials, and safety fixtures. These are all details that insurers use to calculate premiums. For example, a bigger house may cost more to insure than a smaller one. Also, the house with the better fire-resistant construction materials may be relatively cheap to insure.
Outdoor Social Amenities
Outdoor amenities, such as swimming pools and swing sets, may be desirable if you are planning on starting a family, but they may also increase your premiums. The further you are from public or communal amenities, the more likely that you will install them in your house, and your premiums may shoot up. Therefore, if one of your prospective homes has social and leisure amenities in its neighborhood, then it may be wise to choose it so that you can limit the number of amenities to install in your home.
This may not be the deciding factor in your decision, but if it is at least one of them, then the factors above may help you to choose wisely. Also, don’t forget to talk to an insurance agent, like the ones at CDS Insurance Services, about any measures you may take to lower your rates.
Length of Coverage
A house that has been insured for a long time, especially by the same insurer, tends to have relatively lower premiums than one that has only been covered briefly. There are several reasons for this. For one, some discounts are only available to those who have had continuous coverage (from the same insurance company). A good example is a no-claims discount, which may entitle you to a 20% discount if you haven’t made a claim in ten years.
Location
Homeowners’ insurance premiums may vary from city to city or even neighborhood to neighborhood. So even if both your houses are in the same town or city, it’s wise to consider their exact locations. For example, a house located close to a fire department with a good response time may cost less to insure than another one in a hard-to-access area.
House Details
Next, compare the individual details of the two houses such as their respective sizes, the number of rooms, materials, and safety fixtures. These are all details that insurers use to calculate premiums. For example, a bigger house may cost more to insure than a smaller one. Also, the house with the better fire-resistant construction materials may be relatively cheap to insure.
Outdoor Social Amenities
Outdoor amenities, such as swimming pools and swing sets, may be desirable if you are planning on starting a family, but they may also increase your premiums. The further you are from public or communal amenities, the more likely that you will install them in your house, and your premiums may shoot up. Therefore, if one of your prospective homes has social and leisure amenities in its neighborhood, then it may be wise to choose it so that you can limit the number of amenities to install in your home.
This may not be the deciding factor in your decision, but if it is at least one of them, then the factors above may help you to choose wisely. Also, don’t forget to talk to an insurance agent, like the ones at CDS Insurance Services, about any measures you may take to lower your rates.
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