Shopping for a home is an exciting journey. While every Florida homebuyer and Tennessee homebuyer has different preferences for their new residence, it’s important to consider factors that could significantly impact your home insurance rates. These rates can influence your monthly mortgage payment, especially if your purchase is financed through a mortgage lender.
Here are some key things to look out for when searching for a home to help keep your insurance rates manageable:
- Cast Iron Pipes: Homes built in the 1950s and 60s often have cast iron pipes that are now at the end of their lifespan. If you buy a home with these aging pipes, you might face an expensive re-piping project soon. Additionally, finding a private insurance carrier willing to insure such homes could be challenging due to the risks involved.
- Solar Panels: Not all insurance carriers provide coverage for roofs with solar panels. If you’re interested in a home with solar, consult your insurance agent beforehand to ensure you can secure adequate coverage at a reasonable price.
- Hurricane Protection: Homes with comprehensive hurricane protection, such as impact windows or shutters on all clear openings, and a roof with a Secondary Water Resistance (SWR) layer, often qualify for lower insurance premiums.
- Roof Age: The age of a home’s roof can greatly affect your insurance options. Homes with roofs under 10 years old typically offer the most choices for insurance. As roofs age past 10-15 years, finding coverage can become more difficult, and it may be nearly impossible for roofs older than 15 years. If possible, try to negotiate for a new roof as part of your purchase.
- Security Features: Homes equipped with deadbolts, a fully monitored security system, or located in a gated community with a guard can often benefit from lower insurance premiums. Look for these features when viewing potential homes.
- Electrical Systems: If you’re considering an older home with aluminum or cloth wiring, it’s worth negotiating an upgrade to copper wiring as part of your purchase, or securing a credit for the upgrade after closing. Upgrading to copper can expand your insurance options significantly.
Ultimately, choosing the right home is about finding what fits your personal needs and lifestyle. However, keeping these considerations in mind could help you positively influence your homeowner insurance costs in the future.
Happy house hunting! If you have any questions about how a home purchase may affect your insurance, feel free to give your Triton Insurance Group independent insurance agent a call anytime.
Triton Insurance Group is Florida’s & Tennessee’s premiere independent insurance agency, with a myriad of options for all of your homeoner’s insurance needs.
More options. More savings. A better way to buy insurance is the Triton Insurance way.