One of the biggest questions people have when it comes to finding an insurance policy for their home is how much the policy will cost. Every home is different, and homeowners insurance policies will reflect those differences. At Legacy Insurance Partners, we’re passionate about helping people find the right insurance policies for them, and to help you learn more about homeowners insurance policies in general, here are a few of the most influential factors behind home insurance costs.
- Age of the home. Older homes are more likely to encounter problems that need repair or even replacement jobs. It’s not surprising then that generally speaking, the age of a home plays a significant role in determining the homeowners insurance cost for that home. Sometimes, you can reduce policy rates by having repairs done on your home to improve its safety and structural integrity, but this depends on the insurance company and policy.
- Proximity to water. Homes closer to water are more likely to experience a flood and other nature-related disasters. Additionally, this water doesn’t have to be a coastline or even a lake. Manmade ponds nearby can also increase a homeowners insurance rate.
- Claims history. Homeowners who have made multiple claims in the past are more likely to have higher homeowners insurance policy rates. Insurance companies often factor in claims history because a history of frequent claims to them typically indicates that a homeowner will make more claims in the future.
Finding the right insurance policy for your home and circumstances all begins with reaching out to our team. We’ll talk with you about what you’re looking for before helping you find policies that align with what you want.