insurance

The Average Cost of Homeowners Insurance

According to the most recent survey on the average cost of homeowners insurance, the price in the nationwide scale is at an average of $800 annually. This is the range means that some states could go well below $800 while others could have a price of around $1500 a year. Since the rates of the average cost of homeowners insurance fluctuate every now and then, it can be hard to quantify them and create solid measures at all times. It is necessary to understand the factors that could affect the cost of homeowners insurance. Let us analyze the factors that affect this changing average of insurance.

The type of property that you have or living in could affect the average cost of homeowners insurance. Aside from the type, the size of property and number of structures in the property beside the main home could also increase the average cost of homeowners insurance. If you live in a mansion with a separate guest villa as well as high risk structures like swimming pools and several rooms, expect that the cost of your insurance would be high. This is because a lot of money has to be matched to the extent of the property. If you live in a decent sized flat, then you can expect that it will cost a lot less from the bigger structures.

The average cost of homeowners insurance can also be affected by the neighborhood where you belong. High risk neighborhoods will normally have higher premiums compared to areas where there is less crime and less civil unrest. You want to live in a nice community that has a very low to zero crime rates and with well established security services. If you live in hectic, congested and high risk areas, the chances are you might be subject to bigger problems. It is vital to take note of these areas so that you can better judge the average cost of homeowners insurance.

Another factor that could affect the average cost of homeowners insurance is the natural conditions in the area. Is the property in a hurricane zone? Are you near areas with frequent forest fires? Is the area an earthquake zone? The average cost of homeowners insurance will increase if you are in high risk areas like beaches, edge of mountains or in areas where fault lines are closer. Make sure that you study the area. Some real estate brokers do not put these details until the last part so check the location of the home and make sure that you are aware of the risks and what the best options are to protect the home.

The safety and structure of the home can affect the average cost of homeowners insurance. If your home is in hurricane zone, do you have storm windows and higher elevation against possible flooding? Is the roofing in good shape? Old houses will normally be harder to insure compared to newer houses and you have to make sure that you understand the importance of a good quality property so that you can save money from insurance. If the house is a dump, you are more likely to get higher premiums.

Want to know more about the average cost of homeowners insurance in your area? Choose your state from the list below and discover the best quotes from top agencies in your area.