Things That Drive Up The Costs Of Homeowner's Insurance

If you are buying a house right now and want to choose a home that will not cost a fortune to insure, you might want to understand some factors that affect the cost of homeowner's insurance. The rates you pay for home insurance cover the risks for the house you buy. Are you wondering what factors about a house increase the costs of this insurance? If so, here are some of the factors that drive up the cost of a homeowner's insurance policy.

The Age of the Home

A home's age affects the price you pay for insurance. Older homes might have more risks than newer homes, so you might pay higher rates for an older home. The reason is that older homes often have older materials in them. If the home's electrical system is original, it might be a high-risk to the insurance company. An old electrical system could have a higher chance of starting a fire in the home. Age plays a significant role in the costs you pay for your home insurance.

The Building Materials

If you compare the costs of insuring a home made of brick to one made of wood, you will also see a difference. Homes made of brick are stronger and more resistant to fires and other perils. You will likely pay a higher rate if the house does not have any brick or stone on it.

The materials on the roof also affect the policy's costs. As you search for a home to buy, make sure it has a newer roof. Insurance companies ask about the roof's age when preparing a quote. If it is old, you will pay more for it. Newer roofs are safer and reduce the risks of problems to a home.

Additionally, if a home has a wood stove or fireplace, you might pay more for your coverage. Wood stoves and fireplaces increase risks of fires in homes, so you should expect to pay a higher rate.

The Location

Another factor that affects your rates is the location of the home. How far away is it from a fire department? Are there fire hydrants nearby? What are the crime rates in the area? A home's location plays a significant role in the costs of a homeowner's insurance policy.

If you have questions about rates, call an insurance company like Illinois Insurance Center Inc. today. The agent may ask you some questions about the home before providing you with a free quote for coverage.