factors that affect your insurance rates
Ever wondered why you pay much more for your home insurance policy than your neighbor? Or your auntie in Dallas TX? There is a wide range of factors that go into determining what you should pay on a monthly basis for a home insurance policy. Presley Insurance Group recommends reviewing your insurance coverage on a regular basis to ensure that you are up to date with any upgrades. Here are five significant factors that affect your insurance rates.
1.Age of your home
Whether you bought the house or inherited it from your parents, age is an essential aspect in determining your insurance rates. An older house is susceptible to damage from internal deterioration and elements. Replacements and repair cost can go up quickly over a short period of time.
2.home remodelling
If you recently moved into a new home, you may have updated the bathroom or remodeled the kitchen and other home improvements. That means that you added value to your home. Make sure your insurer takes these improvements into account.
- Home-based business
If you run a business in your home, the standard home insurance policy may not be adequate to cover all your business equipment. Additionally, customers coming in and out can present property damage and liability risks that home insurance may not cover.
- Pools
A backyard pool or trampoline is an excellent luxury investment for kids and family but can take a toll on your insurance premiums. Pool accidents are quite common, and you may be liable if other people get injured when using it.
- The neighborhood
Insurance providers keep statistics on claims across provinces for various perils including theft, storm and fire. Therefore, if you live in an area with frequent break-ins, your rate may be much higher.
Learning the factors that affect your home insurance rates is the best way to ensure that you get the best out of your insurance policy. For more information on home insurance, quotes, queries and new policy discussions, feel free to speak to any Presley Insurance Group expert. You can also visit our website or office in Dallas TX today!