What Factors Affect Homeowners Insurance
Most people think it’s the value of your home that determines your homeowners insurance premium. Well, that’s almost true. It’s ONE of the factors.
To help you better understand what determines your homeowners insurance premiums, we have listed the factors that an insurance company looks at when providing you with a quote for your homeowners insurance.
Home Features and Characteristics — The age of your home, type of structure, wiring, roof, garage, etc., can affect your Florida Homeowners Insurance premium. Older homes can often cost more to insure, and those costs can differ depending on whether your home is brick, frame, stone or has synthetic siding.
Location — Where your home is located can change your homeowners insurance premium. For example, your home insurance rate can be affected if your home is in close to a fire station; is exposed to extreme weather, such as hurricanes, tornadoes or earthquakes; or is in a neighborhood more prone to theft.
Protective Devices — Burglar alarm systems, smoke detectors, fire extinguishers, sprinkler systems and deadbolt locks can lower your Florida Homeowners Insurance premium.
Personal Factors — What you do personally can affect your homeowners insurance premium, too. For instance, smokers may pay more for home insurance than nonsmokers. A good credit history also can lower what you pay for home insurance. Read more about this on our blog about How Credit Score affects Insurance Premiums.
Claims History — If you have a history of claims on a homeowners insurance policy, you may pay a higher premium.
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