Your home insurance rates are related to the amount of coverage you receive. If you’re buying a policy that covers a $300,000 home, you’ll be paying more than someone who owns a home that’s half that amount. Let an agent evaluate the worth of your home to help you decide how much coverage you should get.
Your personal belongings will also affect your rates because home insurance covers home contents. Thus, if you have a $200,000 home and a $50,000 worth of belongings, get a coverage that will cover the total cost of your home and belongings (that is, $250,000).
Age of Your Home
Newer homes have more reliable plumbing and electrical systems and they are built on specific codes to ensure optimum safety. For that reason, owning a new home will cost you less on insurance.
The deductible you choose plays a part in your home insurance rates. If you choose a policy with high deductibles, your home insurance rates will be lower. However, when you file a claim for home repairs, be prepared to shell out more money. choosing a plan with low deductibles, on the other hand, will cost you more on home insurance but you’ll pay a smaller amount when you make a claim.
Your Claims History
Your claims history will significantly affect your home insurance rates. Those who have fewer claims typically pay less than those that have made more claims. Keep in mind that insurers consider your level of risk to their company. Thus, people who have made more claims are considered high risk.
Other Risk Factors
Having a swimming pool on your property may drive up your home insurance costs, as well as owning certain breeds of dogs, because both can be considered liability risks.
There are other factors that insurers consider when calculating the cost of insuring your home. That’s why it’s a wise idea to talk to an agent.
We Insure Agency is an independent agency that has a list of reputable insurance carriers that offer insurance products that suit your needs. You can have your home insurance policies according to your budget. Get a free online quote from us today and call us at (954) 431-9423 or email us here.