When you go to buy a house in Lubbock or Amarillo, TX, one of the last things you are probably thinking about is how the neighborhood is going to impact your homeowner’s insurance. And even if you live in a really high-dollar neighborhood where all the homes cost hundreds of thousands of dollars, this doesn’t necessarily mean you are going to get a great rate on insurance. There are many factors that impact your insurance rate, with one of them being the crime rate in your neighborhood. At Nest Insurance Agency, we do all we can to help our clients understand how their neighborhood affects their homeowner’s insurance policies.
High Crime Rates Are not Good for Insurance
If you move to a neighborhood that has a high amount of crime, such as one or more burglaries every month, then this is a good indicator to an insurance agency that your home has a high likelihood of getting broken into. Because of this, your insurance rate is probably going to be more than it would if you lived in a neighborhood with a low crime rate.
Bodily Injuries Are not Good
Perhaps you’re moving to a neighborhood that is known to have a high number of bodily injury claims. This will also impact your insurance premiums in a negative way. Insurance companies consider these types of neighborhoods to be a high risk and in order to cover themselves for a likely payout, they increase your rate.
If you would like to learn more about how moving to a new neighborhood could improve or hurt your homeowner’s insurance rate, please contact the Nest Insurance Agency serving the Lubbock and Amarillo, TX area today.