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Is home insurance cheaper on a new home?
We’re in the middle of house hunting. We have a pretty set budget, but realized we never factored in home insurance. We’re looking at both old and new homes, but I’m wondering if there’s a price difference. Would home insurance be cheaper on a new home?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congrats on starting the home buying process! While it’s stressful, it’s definitely worth it in the end. In most instances, home insurance is cheaper on a new home. The older the home is, the higher risk an insurance company assumes it is.
Most insurance companies believe this because older homes were constructed with different materials than they would be today, which are often less fireproof and more combustible. Additionally, older homes are likely more prone to severe damage from
covered perils
like windstorms or hail. Finally, older homes often cost more to repair or replace. Material for a newer home is widely available, making it easier to replace anything damaged. To restore an older home to similar conditions or original condition, a home insurance company would have to pay significantly more, meaning your premium will be higher.
That said, it isn’t impossible to find affordable insurance, even if you fall in love with an older home. To find the best insurance coverage at the lowest price, use
Jerry
. Jerry is the easiest and most effective way to find a home or renters insurance policy that is customized for you. You can even bundle your policy with your car insurance for the most savings.
After providing you with a comprehensive cross-analysis of the best policies across providers, Jerry will handle the phone calls, paperwork, and renewals for your top pick so that you don’t have to.
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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