Wednesday, May 12, 2021

Insurance Savings: Why Buying a Newer Home is Better

You should consider the insurance savings that may come with purchasing a newer home if you’re on the fence as to whether you should buy a newer home or a fixer-upper. 

Buying a home isn’t always cut and dry. There is a ton of paperwork and many items that have to be completed before you can close on your dream home, including the purchase of home insurance. Whether it’s your first home or your tenth, investing in home insurance is highly recommended and a requirement for any mortgage or loan.

As a home and auto insurance agency, we work hard to find the best carriers and rates for you so you can focus on the bigger decision of which home to purchase. Having worked in this industry for decades now, we can say that buying a newer home often has more insurance benefits for policy holders. 

How Buying a Newer Home Can Save You on Insurance

buying a new home can save you on insurance

We understand that insurance savings aren’t the main decision factor when it comes to buying a home. However, having a comprehensive understanding of insurance policy pros and cons for each home you’re considering can help you decide on the best home for you, your family, and your budget. Sometimes, the insurance savings on newer homes can be as high as 20% to 25%. Here are 4 main factors that play a role in newer homes having better insurance benefits:

  • Building materials
  • Plumbing
  • Electrical
  • Security 

Homes are not void of wear and tear, much of which is brought on by our Florida storms. From building materials to electrical wiring to plumbing, the more these components of a home have been used and the longer they’ve been there, the more likely they’ll malfunction or need to be replaced sooner rather than later.  

Newer homes come with much less wear and tear, which means they’re less likely to have insurance claims in the near future. Insurance companies take this heavily into consideration when calculating the cost of your insurance premiums. With that being said, if you’re looking for better insurance savings upfront, a newer home may be a better option.

Older or Newer—Which Home Makes Sense for You?

family in front of their new home

Better insurance benefits really boil down to the condition of the home and even the home’s location. There are several insurers that provide different types of insurance policies and offer all different benefits, and the process of shopping for the best policy can be daunting. 

While many people wait until the last minute to shop for home insurance, you should try to do it at least thirty days before closing, which may be delayed without it. At GreatFlorida Insurance, we make getting excellent Florida insurance benefits easy, low-cost and worry-free. We provide you with the best rates from all the top carriers in Florida. Contact us today to get started!

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Ellsworth Buck
Since 2003, Ellsworth has served as Vice President of GreatFlorida Insurance, a network of independent, franchised insurance agents located throughout Florida. During his tenure he has helped the franchise grow to more than 100 independent locations state wide. He is a 20+ year veteran of the Florida Insurance industry and is a graduate West Virginia University, earning his M.B.A in 1984. He lives with his wife in Stuart, Florida. For more information visit:

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