Age, condition of a home will affect your insurance rates

By Marian Johns | | Sep 10, 2018


A new construction may save money on homeowners insurance because it will typically be compliant with current building codes.   File photo

Home buyers are often so busy checking out the neighborhood, the size of the bedrooms and that pretty kitchen backsplash that they don't stop to consider the age of their potential home and how it could affect their insurance rates.

While the age of a home is a factor when it comes to homeowners insurance, most insurance companies also take into account the condition of your home, explains Kin Insurance's director of insurance product management Kevin Turner. 

"The age of your home can impact insurance premiums, but most insurers care more about the condition of the home and the age of the roof and mechanical systems such as HVAC, plumbing and electrical," Turner said. "These are often more important in pricing than the dwelling's age."

Turner said older homes that meet today's buildings codes will have lower premiums than older homes that are not up to current standards.

"An older home that has been updated to comply with current building codes is always a plus, especially in Florida where the latest building codes make a home markedly more resistant to wind damage," he said. "The more wind-resistant the home, the lower the home insurance premium."

If you are trying to decide between buying an existing home or looking to build, Turner explains new construction may save you money on homeowners insurance because it will typically be compliant with current building codes and safety standards. 

"New builds are usually going to be a better risk from an insurance standpoint and might fetch a lower premium," he said.

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