Whether you’re preparing to buy a new home or simply need to switch homeowners insurance policies for any reason, you will want to get an estimate before you agree to the full policy. It’s important to know all that you can about the insurance and estimate before making any formal changes and agreements. Here are a few factors that go into your homeowners insurance estimate to help you understand the pricing given.
- The size and age of your home: Two things that can impact your homeowners insurance estimate will be the size and age of your home. An older home will typically require greater coverage because it is more likely to have issues that will require insurance claims down the road with likely more expensive repairs.
- The location of your home: There are many location-based factors that can impact your homeowners insurance estimate, including how far away your home is from a fire hydrant or fire department and whether it’s located near or far away from other things that could put the home at a higher risk for damage or otherwise.
- Previous insurance claims on the home: Just as a history of accidents and tickets can increase your auto insurance rates, so can your claims history for your house. If you’ve made any insurance claims on your homeowners insurance, this could potentially increase the homeowners insurance estimate and premiums for future policies.
There are many factors that go into your homeowners insurance estimate, and we are here to help you understand the estimate and factors as easily as possible. You can give us a call if you would like to learn more.