What affects your home insurance rates?

Home insurance rates depend on a lot of different factors, including location, building material, the crime rate in your area, and more.

So, you need to get home insurance. Maybe you’re getting quotes and you’re wondering why your home insurance rates are what they are. Is this just a random number that the insurance company pulled out of a hat?

Well, not exactly.

Home insurance companies don’t exactly do “random” – fun fact, the word “random” is not actually in the vocabulary of insurance carriers.  (Just kidding…but not really.)

Your home insurance premium depends on a lot of different factors. Like, not just one or two, but a lot.

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Here are some of the factors that can affect your home insurance rates:

  • Where you live
  • The material your house is made of (you know, in case the Big Bad Wolf comes calling)
  • How close you are to a fire department
  • The crime rate in the area
  • Your credit score
  • How much money it would take to rebuild your home
  • Your claims history (a.k.a. your rap sheet)
  • How old your house is
  • Any discounts you might qualify for (Who knows what sort of savings you could get?)

Why it’s important to get home insurance quotes.

So…with all these details wreaking havoc on your home insurance rates, how exactly are you supposed to find out how much you should you be paying for home insurance?

The answer?

Get home insurance quotes.

If you go through the quoting process, you’ll get an accurate idea of what a fair price is for your home insurance. When you get quotes, make sure that you’re comparing apples to apples. That means that you’re looking at all the coverages that are being offered and the actual insurance itself in relation to the price – not just the big, scary number.

So, no, the home insurance company isn’t out to get you. They’re just looking at many, many…many factors to find out how much of a risk your home is to insure.

Get quotes for homeowners insurance.

Get home insurance quotes by chatting up our agents in the bottom right-hand corner.

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