insuranceLose your head buying older home? Look at insurance rate !
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Upgrades save you money

Yes, buying an older house might be less expensive but if you don’t carry out certain upgrades, the insurance cost will make your investment not worth it. You can try and lower the insurance rates for an older house by installing or upgrading smoke alarms, CO2 detectors, smart locks and other safety equipment. These kinds of upgrades to an older house could save you money on your annual homeowner’s insurance premiums.

So go ahead and buy that fixer upper! As long as it has good bones, you should be covered.

To save on insurance rates, you will need to know the factors, including the risks, that insurance companies evaluate when deciding the cost of home insurance

Purchasing an old home may affect your coverage or pricing of the insurance in the following two main ways:

Higher premiums

You are more likely to be asked to pay up higher premiums if you own an older home. That is because such homes are generally considered a high risk. The Insurance companies want to leave nothing to chance. This of course disparages the homeowners as they tend to dig deeper into their pockets for these services.

Might need extra coverages

An older home might require extra coverage because they are prone to more accidents than a regular home. If the house is considered to have too many Hazards it might also be denied coverage until these are addressed. Overall, extra coverage means higher insurance rates too. 

 

We have come a long way indeed. Many thanks for staying with us till the end. As you may see, the older homes have some risks attached to them no doubt. Nonetheless, they still have certain benefits attached to them that make a purchase worth attempting. So, how about you go ahead and finish making the purchase of the home you were considering? We can help you get set up with the insurance process afterwards. 

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