There's a lot to think about when you're buying a house. It's exciting to ponder the prospect of owning your property and no longer having to answer to a landlord. However, along with this freedom comes some additional responsibilities that can hit you in the pocket. One of these is homeowner's insurance. Although it seems that your homeowner's insurance rate is completely outside of your control, there are definitely some things you can do to make sure that your premium isn't too much for you to handle. If you follow the tips listed below, you should find that you're able to get a great rate on your homeowner's insurance policy.
Try to Avoid a Multi-Dwelling Unit if Possible
Although you might have toured a condominium that you absolutely fell in love with, it's important that you don't let those initial emotions lead you astray. Moving into a multi-dwelling unit can cause you to pay more for homeowner's insurance than you bargained for.
Insurance is all about risk. Just think about it: if the condo that you're looking at is in a building that has ten other units, this greatly increases the chances that there will be a fire or that some other peril will occur. If you live in a single-family home, the risk is basically dependent on just the people under your roof. This is how many insurance companies like Family Insurance Centers gauge your risk, and if you want a manageable premium, it's best for you to look at the situation in the exact same way.
Install a Security System
Installing a security system in your new home is a very smart move. Not only do you get more peace of mind, but the system could also help you qualify for a much more affordable rate than you would have if you failed to put one in.
Security cameras, alarms, and even the very stickers that contain the name of the security company can be extremely powerful ways to deter crime. If you don't experience a break-in or are able to prevent a theft attempt, the insurance company won't have to pay out so much money for the claim. This results in a cheaper insurance premium. The discount could be so severe that the security system actually pays for itself!
Purchasing homeowner's insurance is almost as important as buying the house itself. Do yourself a favor and follow these tips so your rate can be at a price point you can afford.