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What factors will affect the cost of home insurance?
My wife and I are looking to buy our first house. We’re trying to decide on a few things like location, kind of house, and budget. Home insurance is a big part of our budget planning. What are some factors that will affect the cost of our home insurance?
Payton Ternus · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on looking for your first house! That’s an exciting step to take. There are several factors that will affect the cost of your
home insurance
, and here are the main things you should think about during your home shopping:- Age of your home. It typically goes that the newer the house, the cheaper the insurance. Newer homes are cheaper to insure because they are less of a financial risk due to newer materials and modern building techniques.
- Price and cost of rebuild. More expensive homes usually have higher insurance costs. Since it will cost more to either repair or rebuild the house, the coverage for those expenses is a key part of the price of your homeowners policy.
- Location. Depending on where your house is, you will need different coverage. For example, if you live on the west coast you may need protection from both flooding and wildfires.
- Coverage levels. There are three main kinds of coverage in a homeowners policy–liability, personal belongings, and living expenses. These are each covered up to a maximum amount so if you determine you need to increase those limits, your insurance premium will also increase.
The provider you choose may also affect your rates for home insurance. To make sure you’re getting the best price, shop with Jerry!
It’s quick and easy for everyone. All you need to do is download the
Jerry app
or visit getjerry.com. You’ll answer a few questions and in less than a minute, you’ll have competitive quotes from trusted carriers. Jerry will help you get signed up right away and can even help you cancel your old policy. Start saving with Jerry today.MORE: How to compare home insurance quotes
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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