Home buyers have to sort through a number of different factors before making an informed decision. One of the factors involves a hidden cost that is often forgotten during the process. When choosing whether or not to live in the city, insurance costs have to come into the prospectus. City apartments and homes might be smaller than homes in the country, but prospective buyers should not think that size necessarily equates to insurance cost. In many cases, a country home can be much less expensive to insure than a city property.
Square footage does not equate to insurance cost
Your home insurance premiums will be tied to many things. Square footage, though, is not a huge factor that will ultimately drive the rates. It is true that large homes have more moving parts, and those homes have more space where insurance claims might arise. Other factors, though, including safety, natural disaster risk, and home value, will determine how much you pay each month for your insurance coverage.
Country homes and the safety factor
Whether you are buying a home in the suburbs or one truly in a rural area, you will have much more security and safety than a person living in the city. On a per home basis, there are many more home invasions in the city. In rural areas, would-be criminals have a difficult time getting to your home, and they may have a difficult time escaping. Since most crimes are based upon opportunity, you are much more likely to be robbed when you’re living in a city home or apartment. When your home is robbed, you will likely file a claim for all of the lost or damaged property. It follows that the lower risk will lead to fewer claims, bringing country home insurance premiums down on the whole.
Country homes are easier to rebuild in case of disaster
Homes in rural areas will be easier to fix or rebuild if something goes wrong. Hurricanes, tornadoes, and fires do not necessarily choose their victims based upon rural or urban location. When those things happen, though, a person living in the country will be able to make repairs without shutting down an entire city block. An apartment or condo owner in the city may have to go through difficult regulations on what things can be done to the property. This is a problem that rural homeowners will not experience, and that brings down the costs of any insurance company looking to cover the damage.
City apartments and the ability to prepare for disasters
There are certain things that you can do to prepare your home for natural disasters. A homeowner in a hurricane area might be able to board his windows to protect from property-altering damage. The same goes for an owner who puts up sandbags and blocking devices in response to a flood. The ability to make these alterations on the fly is key to the rural homeowner’s success. Logistical problems can keep urban owners from doing the things necessary to protect a property. Insurance prices reflect this reality, and city apartments come with a high cost to compensate for the more prevalent and more expensive claims.