Insurance Tip of the Month
Consider the insurance consequences of buying a new home. Before you buy your home, you may want to consider the cost of home insurance as one factor in your decision. Newer homes are generally cheaper to insure, as their heating, plumbing and electrical systems are likely to be in excellent condition. The location of your home also plays a part. Buying a home in a low crime area will save you money on rates, as will buying within a reasonable distance from a fire station and regular water source. This usually isn't an issue in a residential area, but if you buy in a rural area, a significant distance from a fire station and fire hydrants, your home may be more expensive to insure.
Your first concern obviously is getting the right home insurance policy for your needs. But it's nice to save a little bit of money along the way. Keep these tips in mind as you shop for home insurance and you may find a little extra money available for those elective renovations.