Several factors determine your homeowners’ policy rates. One important factor is the location of your home. That’s because some areas are more likely to experience natural disasters than others. However, we usually overlook that the neighborhood too can affect home insurance rates. This article will help you understand how your neighborhood can affect your homeowners’ insurance rates.
Your insurance provider will consider several neighborhood-specific factors that affect home insurance costs, such as:
- How close your home is to a police station, firehouse, or other emergency services
- The crime rate. Your neighborhood may face frequent incidents of theft and vandalism. It can, however, decrease if everyone comes together to form a neighborhood watch, the streets are well-lit, and houses have security devices.
A safe environment is preferable for insurance providers because it puts you at lower risk.
Know Your Community
You must know your community and where the police and fire stations are located. Get to know your neighbors. If your community votes to make safety-related improvements, offer to help out. The more work you put into your neighborhood, the better off it will be. A better and safer neighborhood means lower home insurance rates for all.
Secure Your Home to Lower Your Premiums
No matter what type of neighborhood you live in, there are ways you can lower your premiums. Bundling your home and auto policies will work together to lower your premiums. Adding a home security system and a privacy fence will enhance the safety of your home. It protects against unwanted visitors and provides you and your family with a sense of security. If your community is well lit, add ambient lighting to your property. If the community is not well lit, add a security light or two to your property for added security.
Significance of a Good Community Watch Program
A cohesive, solid community is a great deterrent to crime. Starting a community or neighborhood watch program is a great way to keep crime rates low and under control. Community watch programs involve everyone in the community. People watch out for one another. Members of the community watch program work along with law enforcement agencies to keep the community safe. The whole community benefits from lower insurance premiums and the peace of mind from living in a secure community.
Learning how your neighborhood affects your homeowners’ rates will help you find ways to keep your insurance rates low. Call our experts at Family Financial Insurance Group to learn more about the impact your neighborhood has on your policy and overall risks.