Pros and Cons of Living in a Gated Community

Security Gate for Gated CommunityThe location of your house can play a large role in the price of your homeowners insurance. But have you ever considered the effects that living in a gated community can have on your insurance? Gated communities are safe, private, and protected, so shouldn’t they have cheaper insurance? Dependent upon where you live and who your insurance company is, you may be eligible for a discount if you live in a gated community.

Pros of Living in a Gated Community

Living in a gated community can provide a number of benefits. From increased privacy and security to discounted insurance, gated communities can prove to be a prominent investment. Benefits of purchasing a home in a gated community include:

  • Security and Privacy: A gated community is less likely to experience crime than other neighbors, as the gate makes it more difficult to obtain access to your home.
  • Less Traffic: With a limited number of people living in the community, there will be less traffic traveling through the community.
  • Amenities: When living in a gated community, you often gain access to various amenities that can include a pool, fitness center, tennis courts, and more.
  • Discounted Insurance Premium: Some insurance companies will award you a discounted rate if you choose to live in a gated community.

Gated Community Insurance Discount

A gated community can provide many benefits and luxuries for its members, but the biggest benefit of all may be the fact that you could be eligible for various insurance discounts. From homeowners insurance to car insurance, you may receive a discount. When it comes to car insurance, living in a gated community means your car is protected from crime and some damages.

Cons of Living in a Gated Community

Living in a gated community can be great to an extent. With all the benefits of a gated community, there’s going to be cons as well. Some cons can include:

  • Higher Priced Homes: Because homes in a gated community tend to be safer with a better sense of security, homeowners are willing to pay a higher price for the property.
  • Property: Due to the higher prices and security measures, property taxes may be higher than homes in other ungated neighborhoods.
  • Regulation: When living in a gated community, you are expected to respect all rules and regulations set by the homeowners association (HOA). This means you could be penalized for violating the agreed upon rules.
  • Homeowners Association Fees: With gated communities comes homeowners associations, and with homeowners associations come fees. The fees tend to include the general maintenance and upkeep of all common areas.

Homeowners Association Insurance in Gated Communities

A homeowners association is meant to oversee the complex or community, and members are in charge of developing and enforcing rules. They also collect annual dues to fund maintenance and upkeep costs for all common areas. Homeowner associations should have homeowners association insurance, which will cover damages from property, liability claims, and the association itself.

Do you live in a gated community? Are you interested in learning if you could be eligible for an insurance discount? Contact us at TJ Woods Insurance today. We’re always willing to help with all your insurance needs.