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As a first-time buyer of a property, the thought or purchasing your very first home insurance policy can seem a daunting task.
There are different factors to consider, like what needs to be covered and what can help you find the best price possible. But many don’t consider the location of their home!
Although spending money on home insurance can feel like an immediate loss of your hard-earned money, it’s actually a safety net that can save you thousands in the long run.
There are many factors that can affect the price of your home insurance and the likelihood of certain risks happening. Here, we’ll be looking at how location can affect your home insurance premiums.
The simple answer is yes – the location of your home will impact your policy price. However, it’s not always for the worse.
There are several ways location can impact your home, and sometimes there are ways to combat against these factors.
Highly populated areas such as cities and large towns will inevitably experience higher crime rates than the countryside, which can often impact policy premiums.
That’s not to say every area of every city will have high crime rates, but those areas with higher numbers will make home insurance policies more expensive due to the higher possibility of a theft claim needing to be made.
Living in a rural area, like the countryside will obviously have a much lower population than in a city, so the likelihood of experiencing theft is significantly lower.
Theft can come in all shapes and sizes. We always recommend having security systems in place, such as cameras, motion sensors and if possible, outdoor lighting.
According to CrimeRate, the police received 234,200 crime reports about burglary. Middlesbrough, Hackney and Leeds were revealed to be the cities with the highest burglary rates in the UK. They recorded 9.45, 8.74, and 8.63 per 1,000 daytime population, respectively
Be sure to check your locks regularly to ensure they’re in fully working order and will protect your property properly.
Rural locations come with the increased risk of weather damage affecting your home. With less buildings to protect your home, it’s likely your property will experience more weather-related damage than usual. However, if maintained properly, you can avoid as much damage as possible.
Strong winds, rain and snowstorms can cause substantial damage to unprepared homes. Falling debris, blocked drains, burst pipes and damaged house structures will become a problem if left untreated, often causing flooding.
Read our guide here about preparing your home for autumn and brace yourself for the colder weather!
Insurance policy price will be more expensive for larger properties due to the bigger risk. The bigger the home, the more possessions, along with the higher market value and the larger area of risk for damages to occur.
However, despite having a high market value, some flats and smaller houses in large cities, like London, will cost more than the rebuild price due to their location. This means the insurance is likely to be less for such types of properties compared to rural homes.
The ultimate goal is to ensure your property accurately and address the different risks that come with owning a home. Pair this guide with our article about checking your policy’s accuracy to prepare yourself on all fronts. You can read that here.
If you need to contact us further, you can visit our ‘Contact Us’ page for further support on all your home insurance needs.
CrimeRate | Burglary Stats and Figures
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