Does Your Home Have More Risk than Your Neighbor’s?

It’s always hard to know what goes on behind closed doors. Two homes could look identical from the outside, have the same square footage, and even be on the same road and still have very different insurance costs.

Why is that? One reason is that cost premiums are based on the risk factors of homes. Even if you and your neighbors’ homes are built in the same way, they could have a multitude of different features that affect the cost. But what are they? We’ve listed a few of the top ones below.

Safety: If your home has features that make it safer, that will help bring the insurance costs down. Think fire-resistant surfaces, burglar alarms and state-of-the-art locks.

Construction: Older homes cost more to insure because they will likely need more upkeep. Newer builds and refurbs cause less to worry about in this regard. Also, antique features such as ornate fireplaces and crown molding are more expensive to replace, so remember this before looking at your insurance bill.

Amenities: Having a pool is a great way to add enjoyment to your home, but it also increases the cost of insuring it. Wood-burning stoves can also be seen as a fire risk. Talk to us if you’re concerned about the cost of adding any of these to your home.

Upgrades: Remodeling or adding an extension may require additional insurance, so make sure you check this before signing the papers agreeing to that extra room.

Pets: We love our four-legged friends, but pets can be a bit of a liability to a home and therefore increase the insurance premiums. Dogs flagged as dangerous breeds could also lead to a higher cost for home insurance.

If you’re wondering how to get the best insurance deal for your property, call or email us today.