August 25, 2009
Believe it or not, the neighborhood that your house rests in is important when insurance companies factor your insurance rates. According to an article recently published by Insurance Agents, you should take just as much time and care in picking out an adequate neighborhood that you do picking out an adequate house to live in.
There are many things to consider when buying a home: crime rates, proximity to stores and services, and many more. Not only do these have a bearing on your quality of life, but they can also affect the premium of your homeowners insurance.
The article lists three main factors that you should consider regarding your neighborhood before shopping for homeowners insurance quotes. Neighborhoods with high crime rates are deemed high risk by insurance companies and could result in higher premiums. Most police departments have websites where you can plug in the address of the house you are looking to purchase and show the different crimes reported in that area.
The general condition of your neighborhood is also important. If surrounding homes in the area are poorly maintained or if your home isn’t up-to-date then there is a greater chance of fire and other kinds of structural damage. On the flip side, if you live in an area that is blanketed by fire houses and police stations then that is a good sign to insurance companies that damage could be limited since help isn’t far away.
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