Perhaps your children are grown, and have moved out on their own. You may no longer need such a large multi-story home in suburban Philadelphia. It may be easier on you and your purse strings to opt for a smaller home requiring less maintenance and less insurance. When house hunting for a smaller residence, you may want to keep in touch with your agent to make a preliminary check on potential home insurance costs at the different places you may be considering.
There are a number of advantages to downsizing your residence. You most likely will have less housework, less maintenance and less yard work to do for a smaller home with a smaller lawn. Electric, gas and other utility bills may be lower, and home insurance costs may be less as well. Should you be experiencing mobility problems that tend to set in with age, you may find a single story home to be easier on your joints. When moving, you may consider a retirement community designed for senior residents with a pool, gym and other amenities along with neighbors in your age bracket.
When choosing a smaller home, there are things you may look for that might earn you a lower home insurance premium. You may want to consider a newer home constructed of fireproof materials. You may want to check the foundation for cracks as well as the sealant on windows and doors, as this is how water seeps in and causes damage. It may be important to add safety features like smoke detectors and dead bolts after you move.