When calculating your home insurance premiums, insurers take many different thing into account. Ultimately, they’re looking for things that would be more likely to cause you to file a claim, such as a pool or living in a flood zone, and the estimated cost of completely rebuilding your home. In most cases, it’s a fairly straightforward process. However, some factors can significantly increase the premiums.
Getting a pet is a rite of passage for many people. Kids are always begging mom and dad for a dog or cat. If you have a dog, though, there’s obviously a chance that the dog could bite someone, which often includes a claim against your home insurance. This is often a bigger problem if you have a dog that’s considered “aggressive”, like a pit bull. Other exotic pets like chimpanzees will probably be excluded or require a separate pet insurance policy.
The stained glass windows and wide-planked hardwood floors may have been one of the reasons you fell in love with your home, but it’s also likely to increase your premiums. These types of details are typically hard to purchase and recreate, and your policy will take this into consideration. It may even be something that you need to specifically ask for when purchasing home insurance.
Low Credit Score
Many insurance agencies take a homeowner’s credit score into account when making a decision. Those who have lower credit scores typically pay higher premiums. If it’s been a few years since you first bought a policy and your credit has improved, it’s worth checking to see if you are now eligible for lower premiums.
It’s important to choose an insurance agent you trust. When you understand all of your options, you’re better able to make decisions. Contact Us to see how we can help you lower your premiums.