Many factors affect the cost of your home insurance premiums; some may seem unfair, but they are factored in for a very good reason. One of these factors is location — the town, and even the street, on which you live plays a huge part in calculating the cost of your insurance, and here’s why.
If your home is located in an area in which there are higher than average crime rates, it stands to reason that it will cost more to insure both the property and its contents. And as crime rates aren’t usually uniform throughout an entire town, the very street you live in may generate higher premiums than other nearby locations, although you can mitigate some of this cost by adding extra security to your home, such as window locks, CCTV and a burglar alarm system.
Living in an area surrounded by nature is on many a wish-list, but watch those trees; if you have large trees close to your home there is a likelihood that they will cause damage, in which case you’ll see the cost of your policy shoot up.
If you are located near the coast or coastline, you’ll likely be faced with stunning views. These views may come at a price, however; the closer your home is to a body of water, the more expensive your premiums could be — the damage caused by flooding will need to be taken into consideration by your insurer. It may be wise to take out separate insurance to cover the flooding possibility, if your home is at risk. Urban v countryside policies differ hugely — the crime rate is higher in urban communities whereas the flood risk may be greater in the countryside.
Wherever you live, it’s crucial to make sure that you have the right level of cover for your home — talk to us today for expert guidance.
