What You Should Know About Home Insurance Costs

If buying a home is on your radar, you’ve probably been keeping an eye on mortgage rates and home prices. But don’t forget about homeowners insurance. This has always been part of owning a home, but recently it has become a larger expense for many homeowners.

The good news? While premiums are rising, increases are beginning to slow.

Where You Buy Can Make a Big Difference

Insurance costs vary because some parts of the country experience more claims than others. That’s why it’s important to look at what’s happening locally.

Ways To Lower Your Costs

While you can’t control every cost that comes with buying a home, you can control how prepared you are. If you’re crunching the numbers and trying to find ways to save, Insurify and NerdWallet offer these tips that can help you get the best insurance price possible:

• Shop Around – Compare quotes from multiple companies.
• Bundle Policies – Combine home and auto to see if a bundle price is cheaper.
• Ask If There Are Discounts – Don’t miss out on savings you may qualify for.
• Highlight Upgrades – Features like a new roof or storm windows can cut costs.
• Improve Your Credit – A stronger credit score can mean better premiums.

It’s a good idea to get an insurance quote before you make an offer. That way, you can better estimate your total monthly housing costs before you commit.  An insurance professional can walk you through your options and find coverage that fits both your needs and your budget.

Bottom Line

Homeowners insurance has become a bigger part of the homebuying conversation, but it doesn’t have to become a bigger source of stress.  The key is knowing what to expect before you buy. Get an insurance quote early, factor it into your budget, and lean on trusted professionals to make the most informed decision possible.