Purchasing your first home is an exciting time. It’s also downright stressful. Purchasing a home is often accompanied by major life changes, such as getting married. More and more people are investing their money in property, instead of renting long-term. It just makes more sense. Whether you’re buying a condo, a home, or otherwise, you’ll want an
insurance policy to protect your investment and your personal belongings.
How Much Does Insurance Cost?
On average,
homeowner’s insurance costs $952 per year, with some more expensive rates stretching as high as $2,000. These rates reflect average home insurance rates, which include discounts for age, claims-free discounts, and loyalty discounts.
First-time home buyers typically do not receive such discounts, though. It’s important to prepare and research your insurance options. The money you save on your annual insurance can be put to use on your mortgage or for home improvements.
Before purchasing a policy, speak with an insurance professional. An expert will alert you to any inflated costs or potential problem areas when purchasing your first home.
Factors Affecting Insurance Costs
There are numerous factors that may make your homeowner’s insurance policy more expensive. For example:
- If you have ever made a claim under a previous policy, such as renter’s insurance, you may not be eligible for claims-free discounts.
- If you choose not to bundle your home and car insurance, you’ll likely pay more for homeowner’s insurance. You’ll want to evaluate both policies and the benefits of bundling early on.
- If you have never had insurance, or have a gap in your insurance history.
- If you have had insurance canceled due to non-payment.
- If your home has unique features or requirements, or is in a high-risk area for floods, wind damage, or tornadoes.
Contact Us
Speak with an insurance expert today to make the next step in your life a little easier.
Contact Mauceri Bynum Insurance by calling [phone]!
