When you request a home insurance quote, the calculated rate – and ultimately the cost of your home insurance policy – is influenced by several factors:
- Your Home's Age & Condition: Homeowners insurance quotes from Liberty Mutual are designed to capture the current value of your home based on the information you provide, including building materials and the condition of key components such as the roof, furnace, electrical and plumbing systems. If you have an older home, the materials used to build it may now be unavailable or more expensive to replace.
- Your Home's Replacement Value: A key factor that affects home insurance rates is the estimated cost of replacing your house. Not the current tax assessment or market value of your home, but the actual cost to rebuild the structure of your home. So for example, if your home was knocked over in a storm – how much would it cost to rebuild it? That's the replacement value. And not only are materials and labor taken into account, but so is inflation and availability of materials.
- Your Address: Where you live will influence your home insurance quote. Certain areas that are more heavily affected by weather and other factors tend to produce more claims, causing home insurance rates to be higher. This means that you may pay higher premiums if, for example, you live near a large body of water, or in a neighborhood prone to brush fires or mud slides. Repair and construction costs also vary by region, which is another factor in your home insurance quote.
- Safety and Security: Having dead bolt locks, a burglar alarm, smoke detectors and other home safety features will all help you save money on your home insurance quote.
Understanding these factors and ways to qualify for Home Insurance Discounts
will help you save on the cost of homeowners insurance. If you already have a policy and are comparing home insurance quotes, it helps to review your existing home insurance policy for current coverage, limits and deductible amounts