3 Things That Could Affect Your Home Insurance Rates

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3 Things That Could Affect Your Home Insurance Rates

Hawthorne Insurance | Sameday-Insurance.comYour home is most likely the largest investment you’ll ever make in your life. For this reason, you want to make sure you protect it at all times, and that includes getting comprehensive home insurance. Of course, home insurance costs money. Here are three things that affect the price you pay on insurance premiums.

1. Your Coverage Amounts and Deductible

Obviously, the amount of coverage that you need will affect your insurance premiums, as will the amount of deductible that you agree to pay before your policy kicks in. The coverage is the maximum amount that you can use to repair or replace any damage caused to your home and possessions, as well as for any medical expenses if anyone is injured. The deductible is the amount that is paid for damage after a claim is made, before the insurance is activated. The higher the deductible, the lower the cost for your overall Hawthorne insurance.

2. The Age of Your Home and Its Features

The age of your home, its features, and even the building materials used to construct it can have an effect on how much you pay in insurance premiums. Older homes usually come attached with higher premiums because they are more likely to develop problems more frequently than newer ones. Specific features of your home may cause your premiums to increase, such as pools and hot tubs, while others, such as alarm systems, could make them go down.

3. Your Home’s Location

Many home insurers use information about which neighborhoods have more claims compared to others, and increase their rates accordingly. They may often look at how far you home is in relation to the nearest fire hydrant or fire station, and whether your area is prone to earthquakes or other natural disasters. These factors should be considered as far as their impact on the cost of your homeowner’s insurance is concerned.

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