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Where you live can impact which providers are available and how much coverage will cost. Requesting quotes with your ZIP code is the best way to compare providers in your area.
Comparing Homeowners Insurance Quotes
The cost of homeowners insurance depends on many factors, including your address, assets, credit history, claims history, and so on. Each insurer evaluates these factors according to their own underwriting standards, which means quotes can vary widely — sometimes by hundreds of dollars for the exact same coverage. That’s why it’s so important to compare rates before buying. Experts recommend checking quotes from at least three homeowners insurance companies in order to find the most affordable rates for you.
Factors That Affect Homeowners Insurance Prices
The type of the home being insured will directly impact the cost of the homeowners policy. Companies that offer online home insurance quotes will typically allow homeowners to select from a list of home types that includes rambler, ranch, raised ranch, one-story, two-story, Colonial, Cape Cod, Victorian, and many others. The material used in construction, like brick or stone, as well as the size will also be considered in the home insurance price.
The age of the home will be an important factor when determining the cost of a home insurance quote. Older homes may be more susceptible to problems with aging plumbing and electrical systems, which can be costly to repair. An aging roof may also be problematic and will likely play a role in the overall cost of the policy. Some home insurance companies will offer an age of construction discount, reducing the home insurance premium for homes built before a specified year. Newly purchased and newly renovated homes are also often eligible for home insurance discounts. The age of the homeowner will also play a role in the cost of the premium, with some homeowners insurance companies even offering a discount for relatively elderly policyholders.
The location of the home is a fundamental factor in the cost of the home insurance policy. The probability of major perils like hurricanes, tornadoes, floods, mudslides, wildfires, and other natural disasters is often directly correlated with the geographic location of the home. Consequently, the state where the home is located will play a major role in the home insurance quote. Proximity to the local fire department and fire hydrants are also often considered in policy pricing.
Individual Credit and Insurance Scores
Home insurance companies will look at the credit score and the insurance score of the homeowner when determining the cost of the home insurance premium. A credit score is used by the financial industry to determine the creditworthiness of a borrower. The homeowner’s credit history, amounts owed, types of credit, and several other factors are used to determine this score. An insurance score is used by the insurance industry to determine the risk associated with a policyholder and is typically used for home and auto insurance policies. This score is based on specific credit score measurements, like payment history, length of credit history, balances on accounts, bankruptcies, and other related inputs.
Similar to most types of insurance, policyholders that frequently file claims will likely face higher rates. Risk factors like owning a swimming pool, an aggressive dog, or a trampoline will all play a role in home insurance quotes, and will likely result with increased rates. There are also several safety features that can help lower the cost of homeowners insurance. Some of these include installing smoke and fire detectors, a security system, or deadbolt locks. Those looking for a low homeowners insurance rate will also want to ensure all available discounts offered by the home insurance company are being utilized.