With the arrival of spring, you are no doubt looking to shake off the winter grays, get outside, and perhaps do some needed home maintenance. One bit of home maintenance that often gets ignored is a check-up on your home insurance policy. Whether you are an owner or a renter, insurance for your dwelling is key to a sense of security in your home. 

Below is a list of the Top 5 Five Factors that Will Influence Your Home Insurance Cost. In addition to these five, you have other factors to consider. Do you live near a river that tends to flood? Did you talk to your insurance agent about recent renovations? Did you gift your kids a trampoline during remote schooling during the COVID pandemic? Did you add a dog to your family?

If any of these questions apply, you may want to contact your trusted local insurance agent.

  1. The size and style of your home- Insurance companies base their coverage on the amount of money it would take to rebuild your home. The larger the house and the higher the quality, the more it would cost to replace and the more it will cost to insure.
  2. The age of your home- Statistically, older homes have more claims so many Home Insurance companies will surcharge for homes over a certain age. Conversely, homes built within the last 5-10 years are much less likely to have a problem so insurance companies give a discounted rate.
  3. Location- If your home is located far from a fire hydrant or fire station you can expect to pay significantly more for your Home Insurance than if you lived in the city. If your area is prone to wildfires this can also affect your insurance cost.
  4. Claims History- If you have had a claim in the last 5 years on your current Home or Renter’s Insurance policy, you will likely pay a higher premium on your new home insurance until the claim passes the 5-year mark.
  5. Discounts- Most insurance companies offer a 15-25% discount for bundling your Home with your Auto Insurance so it often (but not always) makes sense to bundle. Insurance companies also give a nice discount if you install a monitored alarm system so be sure to mention to your agent if you plan to have an alarm.

Thanks to our friends at PNW Insurance Group, LLC for the great content!

To connect with PNW Insurance Group: 

253-987-5791

clientcare@pnwinsurancegroup.com

www.pnwinsurancegroup.com

Posted by RE/MAX Town Center on

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