February 14, 2007
Tips To Lower Insurance On Your New Home
By Priya Jestin, Staff Writer
What do you look for when you’re buying a home? Yes, it should be within your budget, big, pretty, in a good neighborhood, blah, blah… There is one more thing that you need to check before you purchase your dream home – its homeowners insurance.
As insurance rates keep rising at a steady rate, homeowners are checking for more and more ways to reduce their rates. Here are a few things you could check for to reduce rates:
- Sometimes, insurers charge you less if you buy a house close to a fire hydrant or in a community that has a professional rather than a volunteer fire department.
- Are the home’s electrical, heating and plumbing systems less than 10 years old? If so, you may have to pay less.
- If you live in the East, try to purchase a brick home – they are more wind resistant. In an earthquake-prone zone, it is best to go in for a wooden frame house. Such houses can withstand such disasters better. Depending on the type of residence you choose, you could shave off your rates from 5 to 15 percent.
- The Comprehensive Loss Underwriting Exchange (CLUE) report of the home you plan to buy will give you a good idea about the history of the home. The CLUE report will let you know the insurance claim history of the property helping you judge the property better.
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