Home Insurance Rates
What factors impact the cost of home insurance?
The cost of your homeowners coverage is largely determined by five factors unique to your home:
- Estimated replacement cost
- Age and condition
- Safety devices
- Your deductible
How does my home's location impact my insurance rate?
The physical location of your property has a significant impact on how much you'll spend on home coverage. Risks like extreme weather, crime rate, and distance to a fire station can change dramatically based on your home's address. For example, you may pay higher premiums for waterfront property or if you're located in an area prone to mud slides. Construction costs also vary by region, which is another factor that determines your homeowners rate.
What's the replacement value of my home?
The estimated cost of replacing your house is a major factor in determining how much you'll pay for home insurance. This is different from the current tax assessment or market value of your home, and accounts for the actual cost to rebuild the structure of your home. So for example, if your home was destroyed in a storm, how much would it cost to rebuild it? That amount is the replacement value. Not only are materials and labor taken into account, but so is inflation and availability of building materials.
How does my home's age and condition impact my premium?
We capture the current value of your home based on very specific details like building materials, age of the roof, and the furnace's condition among others. For older homes we also factor in whether the building materials are still available and their current market price.
Which home safety devices affect my monthly bill?
Having dead bolt locks, a burglar alarm, smoke detectors, and other home safety features will all help you stay safe and lower the cost of your home insurance policy.