How does Age of the Building Influence Home Insurance Prices in Atlanta, Georgia?
According to the American Community Survey, more than 75 percent of all homes in Georgia have been built after 1970.
Forbes Magazine has listed Atlanta, Georgia in their list of the top 50 best cities to live in the United States. The city is the financial headquarters of corporate giants like Coca-Cola, AT&T Mobility, Home Depot, Delta Air Lines, UPS, and Turner Broadcasting and also houses numerous financial services, telecommunications, and technology companies that create sundry job opportunities.
Atlanta thus attracts job seekers from all over the country and many of them look around for houses to buy here and settle down. Why not? The Atlanta Braves continue to win! The median home price here is $101,300 but prospective homeowners are equally curious to know about the insurance rates that they will need to spend on their properties.
The home insurance premium rates in Atlanta vary across neighborhoods and between different insurance carriers. The age of a building is a common factor that influences home insurance premium rates all over Atlanta.
A Full Range of Choices
According to the American Community Survey, more than 75 percent of all homes in Georgia have been built after 1970. This real estate boom coincides with the population explosion that took place between the second half of the 20th century and the initial years of the 21st century. But there are also quite a few old homes all over the state and in some neighborhoods of Atlanta.
According to the Age
Insurance carriers tend to perceive old homes as being more vulnerable to structural damages from the elements. That is why, insurance premium prices of these homes are usually significantly higher than newer houses with similar dimensions and features. For instance, the average home insurance premium in the Gresham Park neighborhood of Atlanta (zip code: 30316) is about $1,000, which is one of the highest in the city. Many houses in this neighborhood were built before 1979 and this has driven up the average rates here. On the other hand, the average home insurance premium in a neighborhood like College Park (zip code: 30349) with predominantly modern homes is $449.
A Smart Buy
Atlanta experiences heavy rains and strong winds from the many tropical storms that develop over the Atlantic Ocean every year and especially during the hurricane season. Older homes may not be adequately structurally reinforced to withstand the ravages by the elements. On the other hand, older homes may be priced less than their younger counterparts. For instance, the median home value in the Gresham Park area is $91,100, which is much less than the average for the Atlanta-Sandy Springs-Marietta metropolitan area. So older homes can actually be awesome bargains for house hunters on a budget.
If you choose to buy an older home in Atlanta, ensure that you bolster it with adequate water- and wind-resistant features. Before buying a house, it is a shrewd idea to hire the services of an auditor to check the condition of the house and estimate the amount of money you will need to shell out for weather upgrades. An adequately reinforced house will not only attract appealing and impressive insurance premiums but will also save hundreds of dollars in potential repair and replacement costs. The peace of mind you attain is of course, immeasurable!