David Bell | Jun 07 2018 00:00

How Location Influences Home Insurance Rates

Understand how your location affects your home insurance rate.

Your homeowners insurance premium is made up of several different factors. From the coverage you select to your credit history, no two people will receive the same premium for their properties. A large influencer of your premium is the location of your property. Here's why.
  • Flooding
Homes located near the coast or coastline are generally more expensive to insure than those that are inland. In fact, living in a home near any body of water could affect home insurance rates because of the risk of flooding. Flood damage is not typically covered by standard home insurance policies. You may want to purchase separate flood insurance even if your home isn't considered a high risk for flooding.
  • Fire
Being in close proximity to a fire station could mean that you spend less on home insurance premiums. This can also be broken down into fire stations that are operated by a professional fire department and stations that are served by the volunteer fire department. One fire department has an average response time of less than 5 minutes, and the other has an average response time of 15 minutes. If there is a higher risk of your home being damaged in a fire while waiting for a fire engine, then you may be paying more for home insurance.
  • Crime
Quite simply, if your home is located in an area with high crime rates, this will raise your home insurance premiums. Crime rates are rarely uniform from one part of a city or town to another, and because elements of your homeowners policy protect you against theft, the greater the risk, the higher the premium. You can take proactive steps whenever possible in order to reduce the risks, such as adding a burglar alarm system. To find the best home insurance policy to fit your needs,  contact  Bell Black Insurance today!  We serve all insurance needs for those in Idaho Falls, Island Park, Driggs, Victor, Swan Valley, Ashton, and the neighboring communities in Idaho, as well as Jackson and Star Valley in Wyoming.