THINGS I LEARNED WHEN GETTING MY FIRST HOME OWNER'S INSURANCE
- •Having a trampoline will increase your insurance premiumThis makes sense since the risk of injury increases but just something I never thought about.
- •Having a fire hydrant next to your house decreases your premiumIf you don't have a hydrant within 500 feet of your house, it could be harder to fight fires.
- •Living close to a fire station will lower your premiumIf you live more than 5 miles away your premium can be significantly higher. If you live a few blocks away it can significantly decrease.
- •Don't assume there's one flat deductibleEven though your deductible can be $1000, there are exceptions that most insurance policies have such as in the case of a hurricane or earthquake. The hurricane deductible at Geico for example is 5% of the value of the house. So if the house costs $500k, you'll have to pay $25k out of pocket before getting reimbursed for the rest.
- •A central security system will save you on your insurance premiumThere are lots of options when choosing an alarm/security system and I won't go into the pros and cons of all of them, but basically as far as insurance companies go a central one will lower your premium.
- •Deadbolt locks will get you a lower insurance premium than spring bolt locksNot much explanation needed here.