Moving To A Rural Area? Know What Affects Your Home Insurance
Are you planning on moving away from the city for a home out in the country? If so, you may not be prepared for how your home insurance will be different. There are many factors that play into how much you pay for home insurance, and many of them will change when you get that rural home. Here are some things that will affect your home insurance.
Size of Your Home
One of the benefits of moving out to the country will be the ability to afford that bigger home. With so much additional land, the square footage of rural homes tend to be much larger what you can find in the city or the suburbs. However, a larger home does come with an unintended price.
Your home insurance is designed to cover the cost to rebuild your home. With a larger home, you will have more potential construction costs in a total loss scenario. While your home and property taxes may be more affordable out in the country, you may be surprised to see that your home insurance actually goes up because of the size of the home.
Rural homes will also have more structures on the property when compared to their suburban counterparts. It is likely that you'll have a detached garage, a barn, a permanent shed, or even a guest house where people can stay. All of these additional structures will need to be insured as well and will play into your insurance premiums.
Distance From Your Local Fire Department
Things in the country tend to be spread out quite a bit. Unfortunately, this means that your local fire department may be located further away than you would like. Your insurance company will consider this when it comes to deciding on insurance premiums, because a far-away fire department will have a longer response time in the event of a fire. There will be a higher chance that more damage will occur, and you'll pay a higher premium because of that.
Pets on Your Property
Rural homes are more likely to have pets like dogs or horses with all the open space for them. Be prepared to pay more for your liability insurance if you do have more pets, because he chance of someone being injured by them will increase.
For more information on how your insurance rates could change, speak to a home insurance agent.