Homeowners insurance is an incredibly important financial product, and your policy is going to be your first line of defense against many different risks. That being said, almost every policy is slightly different, and there are a variety of factors that could impact your premiums as well as your overall coverage. That includes the age of your home, an important variable your insurance provider is going to consider when crafting your policy.
Liability Issues with Older Homes
Even though many older homes have quite a bit of charm, these residences aren’t always perfectly maintained. As a house gets older, all the building materials and key systems will get older as well. This means the likelihood of accidents and property damage will go up as a home continues to age. A home that’s more than a few decades old is going to have a much higher risk of burst pipes, faulty electrical lines, slab leaks, roof leaks, and many other common issues.
Other Factors that Are Considered
The age of a home is just one of the many factors an insurance provider is going to take into consideration when creating a custom policy for a homeowner. The overall value of the home is going to be extremely important when creating an insurance policy. A modern home in a high-value area is going to require much greater coverage than a smaller home that’s in a quieter location. Home security and safety features are important as well, which is why most homeowners will benefit from having modern alarms, detectors, and locks.
Determining the Proper Amount of Coverage
Even though it might be tempting to go with the cheapest policy you can find, that isn’t always a good idea. Cheaper policies tend to cover nothing more than the bare necessities, and that could be problematic if you run into problems in the future. When you’re working with your provider to create your homeowners insurance policy, you should think about all the risks that are unique to your area. It’s also important to consider what expenses you’ll be able to cover on your own if any accidents or injuries ever occur.
Reducing Your Premiums
There are a few simple steps you can take to ensure your premiums stay at a reasonable level in the coming years. One of the easiest ways to lower your premiums is to keep your home safe, well maintained, and secure at all times. Some providers will offer discounts to customers who are able to verify they have safety and security features in their homes. You might also want to think about bundling your homeowners insurance with any other insurance policies you currently have. Some providers offer discounts to customers who bundle multiple policies for a single price.
For reliable, affordable home insurance, San Diego homeowners know they can trust Altra Insurance Services. We also provide renters, commercial, motorcycle, and auto insurance. Request a free quote by calling one of our friendly agents today at (800) 719-9972.