Factors That Influence the Cost of Homeowners Insurance

Home insurance is an insurance policy that helps to protect your home and possibly other structures on your property from certain types of losses. This of course is a cost as a home owner or renter needs to pay in order to make sure that you are protected. In today’s economy Manalis Insurance Group knows that every penny of your hard earned money counts. We strive to bring you the best value for your insurance dollar.

There are several factors that influence how much you are going to pay for your home insurance costs. Knowing these factors lets you have the power to change what you can and to go into the process with eyes wide open. This is great info for first time buyers as well as those of you looking to renew or change a policy. Here is a few of those factors:

1.      The Age of Your Home- It is really no surprise that age has an effect on your coverage. As home age things break down, rust, and settle. There is a lot you can do to slow down or reverse the effects of time but aging happens. Insurance providers know this, so premiums can be higher if you have an older home.

 2.      Coverage Amount- It is only logical that a $100,000 policy will cost less than say, a policy that covers $500,000 of damage.

 3.      Credit Score- Insurance companies are beginning to realize that individuals with high credit scores tend to be more responsible with their home and property. So a credit check may be required but if you score is high you could get discounts for a high score depending on who is you insurance company.

 4.      The Number of Structures on Your Property- If you have several buildings that need to be covered the cost of your coverage can go up. The condition of these structures is also a factor to consider.

5.       How Far Your Home is From Emergency Services- A home that is near a fire station, police station or other emergency service providers can have some significant discounts verses homes in the country miles from anything or anyone else.

 6.      Outdoor Recreation Structures- Depending on your insurance company’s policy a pool or a trampoline might affect the cost of your insurance. The best way to determine if it does and by how much is to call your insurance company when deciding to put one of these structures on your policy.

 7.      The Insurance Company- Every insurance company had different amounts of coverage available for varying costs. Their policies also differ as to how factors such as those listed above may influence you insurance premiums. Here atManalis Insurance Group we work to find you a company that will meet your need at the best price possible for that coverage.

You are in control of a lot more of your home insurance than you may have realized. Knowing this you can do things to maximize your potential of paying less for your home insurance.

 

If you have any questions about Home Insurance please contact us at the Manalis Insurance Group.

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