Are you moving into a home insurance hotspot?
When it comes to moving house, location can be a key factor in determining the cost of your home insurance premiums. Areas that have a high crime rate will usually have a higher insurance rate, so it could be worth doing a little bit of research into where you want to set up home next.
When considering the location of your next move, it can be worth researching some statistics about the area. Research carried out by moneysupermarket.com shows that postcodes in the Greater London area are the most expensive for home insurance, whilst the seaside town of Bournemouth harbours the cheapest home insurance quotes.
Julie Owens, head of home insurance at moneysupermarket.com advises that “many homeowners just don’t realise their postcode is a big contributing factor to how much they pay for their home insurance premium, and that it can really hike the price.”
There are a number of different factors which can affect the price of the premium in your area, including crime levels and risk of elemental damage such as flooding. By taking the time to research your postcode you can help pre-empt how much you would potentially pay on your home insurance.
Researching aspects such as crime levels give you an idea of how much you’d be looking to pay for your policy, as well as aiding your decision to set up home in a certain area. Statistics such as crime levels are available from the websites of your county police force, so it can be worth taking a look to get an idea of the levels of crime in the area you are looking to move to.
It can be worth looking into the area as a whole when deciding on where to live next, particularly with regards to the price of houses in the surrounding areas, for more expensive properties will usually cost more to insure, both for buildings and contents insurance.
No matter where you choose to move to, there are steps you can take to help to reduce your premiums – including having additional security systems fitted and ensuring that you have good strong locks on the doors and windows of your property to help reduce the chances of a break-in.
By participating in a neighbourhood watch scheme in your local area, you could potentially save money on your premiums as well as give yourself a little peace of mind.
Written by the home insurance team at moneysupermarket.com
Word count: 397
Author: David Collins
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