When you grab a hot breakfast sandwich at Dunkin’ Donuts, buy your favorite hot sauce at Stop and Shop, or request Zappos same-day delivery service so you can get your new Adidas today, you know exactly what you are going to pay. The price is listed right there for you – whether it’s on the package, the shelf, or online – in nice big numbers.
If only the cost of homeowners insurance could be that straightforward, right?
But, unfortunately, figuring out what homeowners insurance is going to cost you depends on many variables. The best way to be sure that you understand the potential insurance costs for that home you have your eye on right now is to consult with an experienced and knowledgeable independent insurance agent, like HUB International.
As a longstanding, local insurance agent, we’ve helped thousands of homebuyers, just like you, to settle down in wonderful homes across Massachusetts. So, we are confident that our team can support you every step of the way as you evaluate your potential home and the surrounding community.
In addition, our professionals will make sure that you don’t overlook the impact that the cost of homeowners insurance will have on your overall investment.
Our expertise, however, is in making sure that you don’t overlook the impact that the cost of homeowners insurance will have on your overall investment.
As you start to narrow down your new home options, it’s important to keep in mind these key items that could impact not just the cost, but also the availability and options for your home insurance, including:
Your new home wish list may include a few things that you don’t actually need, but that you think would be a nice-to-have, such as a pool, a finished basement, or crown moldings and wood flooring. But, beware that falling in love with a home that has these elements can also mean that your insurance premium increases, sometimes as much as 20% or more. Plus, features like a swimming pool or hot tub raise the likelihood of someone getting injured on your property, so an experienced insurance agent may recommend you look into an umbrella policy to provide added protection against any legal liability.
While choosing a community that has low rates of theft and other crimes is obviously going to be a plus for your family and your insurance agent, that’s not the only safety characteristics that you should look for before settling on a home. Houses that are located near highly rated, permanently staffed fire departments and/or that have a hydrant nearby typically cost less to insure.
Many of us daydream about living on or near the coast of Massachusetts. But, it’s important to know that choosing this lifestyle is also a sure-fire way to pay significantly more for insurance to protect your home and belongings. Even if your house-to-be sits two miles inland, homeowners insurance may not only be harder to come by, but you may have to consider paying a higher coverage limit and having a separate hurricane or windstorm deductible, not to mention purchasing required flood insurance as well.
While an older home can be quite charming, if it has a lot of very ornate features or has not been updated to meet current building codes, you could be subjecting yourself to higher insurance costs and/or construction costs. But, you don’t have to purchase new construction to benefit from reduced premiums; simply having a new roof can mean a discount from your carrier, especially if it is made with fire and/or hail resistant materials. Plus, whether it’s a roof that’s recently been replaced with good quality materials or recent construction that meets modern-engineering-based building codes, your well-built home will be much more likely to withstand natural disasters and keep you and your family safe!
After your offer is accepted, it’s still a bit premature to fall in love with your new home. There is still work to be done to ensure that this house is all that you think it is. One of the next critical steps is to hire a credentialed home inspector, who will check the general condition of the home, look for water damage, termites and other types of infestation, review the electrical system, plumbing, septic tank and water heater, show you where potential problems might develop, double-check that past problems have been repaired, and suggest important upgrades or replacements. Anything that the inspector red flags is going to make your insurer concerned as well and, depending on the issue, could possibly mean your insurance premium will increase or, even worse, make a carrier shy away completely.
HUB has partnered with a wide variety of top quality insurance carriers to not only provide you with access to the optimal home insurance coverage options for your home and belongings, but also to be able to offer you exceptional insurance discounts. We are often able to find savings for our homeowners who:
These are just a few of the factors that will be used to calculate your insurance premium, so it’s definitely not something you want to leave until the last minute either in your homebuying process or at annual renewal time. In fact, if you are currently looking at a couple of different houses, it might help significantly to understand the cost of insurance on both properties and determine which best fits your financial situation.
As you can see, there is no one-size-fits-all answer to the question, “What does home insurance cost?” So, feel free to call your HUB International insurance professional today to get the complete lowdown on homeowners insurance, including what it covers, what it does not cover, and what you can expect to pay. Whether you’re evaluating costs for a potential residence or you’re curious to see if we can find a better rate for your current policy, our team will be happy to provide you with a complimentary home insurance estimate.
If you are ready for a more personal relationship with a trusted insurance agent who can help you get the best home insurance at the most competitive rates, call us today at (800) 243-8134 or stop into either of our two convenient Massachusetts offices.