Things to know about the cost of purchasing home insurance
A Boufford guide for purchasing home insurance — buy smart, insure smarter.
When you’re house hunting, it’s easy to get caught up in square footage, countertops, and curb appeal. But just like your mortgage and property taxes, homeowners insurance is a major part of the monthly cost of owning a home. And here’s the catch: the features of the house you choose can have a big impact on your insurance premium.
Below are the most important things to keep in mind before you make an offer.
Age and condition of the home
Older homes — especially those with original wiring, plumbing, or roofs — often cost more to insure because of the higher risk of water damage, fire, or costly repairs. A newer roof, updated electrical system, and modern plumbing can translate into noticeable savings.
Roof type and age
Insurance companies love new roofs. A roof that’s 20+ years old can raise premiums (and may even require replacement before some insurers will write coverage). Certain roof materials, like metal or architectural shingles, often earn lower rates because they’re more resistant to weather damage.
Outdated oil heating, knob-and-tube wiring, or old plumbing pipes are red flags for insurers. Updated systems not only make the home safer but also cheaper to insure. If you’re considering an older property, ask about recent upgrades.
Location matters
Proximity to a fire station or hydrant is a plus — insurers calculate risk based on how quickly help can arrive. On the flip side, homes in flood zones, coastal areas, or wildfire-prone regions may require additional coverage or come with higher premiums.
Home construction materials
Brick, stone, and other fire-resistant materials can lower insurance costs compared to wood-frame construction, which is more vulnerable to fire. How the home is built directly affects risk and replacement costs.
Pools, trampolines, and “attractive nuisances”
They might make your backyard the neighborhood favorite, but pools and trampolines increase liability risk — which increases premiums. If you buy a home with one, be sure safety measures like fencing or covers are in place.
Security and safety features
Homes with alarm systems, smoke detectors, sprinklers, and deadbolt locks may qualify for discounts. Even small safety upgrades can add up to long-term savings.
Replacement cost vs. purchase price
Insurance doesn’t cover market value — it covers what it would cost to rebuild the home. That means even if you get a “deal” on an older house, high construction or material costs can still make it expensive to insure.
The house you fall in love with should also be one you can comfortably afford to insure. By looking beyond square footage and finishes — and considering factors like age, roof, systems, and location — you can avoid surprises and keep long-term costs under control. If you are purchasing a new home, let Boufford run the numbers — so you can move in with peace of mind.
