The value of your home is only one of the many factors an insurance company will consider when calculating your rates for homeowners insurance Florida. Here are ten of the most common factors that affect the cost of your homeowners insurance:
1. Age and condition of your home: Newer homes often cost less to insure than older homes because they are typically in better condition. The condition of the roof, decks, porches, plumbing, electrical wiring systems, and HVAC systems affect premiums, as does the overall structure of the home. For example, a home constructed primarily of brick or stone is usually less expensive to insure than one that is primarily built of wood because it is sturdier and more resistant to fire and wind damage. Larger homes can also increase the cost of premiums.
2. Credit score: A high credit score can lower the cost of your homeowners insurance Florida because, statistically, homeowners with higher credit ratings file less claims than those with poor credit.
3. Liability coverage: The amount of liability coverage on your homeowners policy also affects premiums. Liability insurance is an important part of a homeowners policy because it can protect your assets if you get sued. While purchasing higher limits of liability raises your premiums, it also provides peace of mind and protection against a number of common claims.visit website from http://www.indianainsurancecoveragelawblog.com/the-definitive-guide-to-homeowners-insurance-cover/ for more details.
4. Deductibles: A higher deductible lowers the insurance company’s risk so you can generally expect to pay lower premiums. Ask how much money you can save by raising your deductible. It may be as much as 25 to 30 percent.
5. Claims history: Homeowners who have a history of frequently filing claims pay higher rates for homeowners insurance. You can avoid cost increases by paying for smaller, less expensive damages out-of-pocket.
6. Location: The cost of homeowners insurance can increase when a home is at risk from natural disasters, such as tornadoes, floods, or wildfires, or if it is located in areas with higher crime rates or building costs.
7. Safety factors: Home safety with your homeowners insurance Florida coverage is not only important for protecting your family. Installing home safety features, such as smoke detectors, carbon monoxide detectors, burglar alarm systems, deadbolts, and fire-resistant building materials, can reduce the cost of your homeowners insurance Florida premiums.
8. Risk factors: Properties with risk factors, such as guest houses, swimming pools, trampolines, and even certain breeds of dogs will have higher insurance rates.
9. Loyalty: Maintaining an insurance policy with the same carrier for an extended period of time can reduce your rates. This is often referred to as a “persistency discount.”
10. Bundling: You can typically save 10 to 15 percent if you buy your homeowners insurance Florida and car insurance from the same carrier.
These are just a few of the many factors an insurance company will evaluate when insuring your home. Make sure to ask about all of the discounts available and how any changes in your specific situation can affect the cost of your policy. Getting homeowners insurance Florida is really a great idea.