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Every family reaches a time when the moment to live in a smaller place, more personal and more comfortable, arrives. Whether that change is due to the kids growing up and leaving home, or it’s because health requirements are making it impossible or impractical to live in a larger home, downsizing happens. Some folks even downsize just to live in a new place they always wanted to, leveraging the investment of the previous home for a better location. Whatever the reason, home insurance is affecting accordingly when living conditions change. However, that doesn’t mean folks should give up on home financial protection altogether.
Clearly, a new home or smaller home is going to be a change, but a new policy could actually have a higher cost, not necessarily lower one. Some of the big reasons that trigger changes include the location, the cost of reconstruction, and the type of home involved. Location can be a big variance, with some locations having a real estate value more than double that of others. While that doesn’t necessarily directly impact home protection, it can influence the overall cost of home repair for that area. That in turn can be a policy cost more to address such expenses if they occur. Secondly, home construction in some areas can also cost more due to proximity to construction resources. More remote areas obviously will trigger more expenses from contractors. Finally, if a smaller replacement home is unique and not a standard construction, a common situation with retirees, then these additional changes or unique factors will also add to home insurance costs for coverage of replacement if it occurs. So, again, just moving to a smaller downsizing home for later years doesn’t mean one will automatically have a cheaper home insurance policy as a result.
The best way for folks in Astoria, OR to know what a downsizing event may look like cost-wise is to sit down with Linda Dugan Insurance. Their independent agents can scan the market and provide the best picture for alternatives before a homeowner makes changes, saving folks from uncomfortable surprises.
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