Your homeowners' insurance premium is governed by several factors, such as your occupation, your credit score, and the coverage that you select. In the scope of factors influencing home insurance rates, another important aspect is the location of your home.
Here are 3 ways in which the location of your home affects your home insurance rate:
The proximity to water bodies is an important factor that influences your home insurance premium. A low-lying area with a risk of flooding or being close to a water body can mean that you pay a higher premium.
Standard home insurance policies do not generally cover flood damage. You might need to get a flood insurance policy for flood damage to ensure that you are safe in case of a disaster.
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Proximity to a Fire Station
If your home is located closer to a fire station, you might have to pay a lower premium because you will have access to disaster management faster.
It will also be governed by whether the area you live in has a professional fire department or served by a volunteer fire department. The former has a 5 minute response time while the latter has a 15 minute response time. Depending on the risk of your house sustaining greater damage due to a longer wait, you might have to pay a higher premium.
The crime rates in the area your home is located influences home insurance rates that you pay. Since your insurance covers theft, a high-risk neighborhood would mean that you pay the higher insurance premium for your home. You should better protect your home with a burglar alarm, CCTV camera, and other gadgets to ensure a safer environment.
Get the right homeowners insurance coverage to protect your home inside and out. Consult the experts at
Club Agency Insurance Brokerage in Garden City, New York, to learn more about what influences home insurance rates. We will help you compare rates and policies so that you get the right coverage.
