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Connie and Bill Dolloff
Connie and Bill Dolloff
Broker Associate / Realtor
(603) 361-7295
conniedolloff2@gmail.com
eXp Realty - The Dolloff Team
170 Commerce Way, #200
Portsmouth, NH 03801
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7 Factors That Affect Your Home Insurance Rates

 

Homeowners should be aware of exactly what is shaping their insurance rates to gain a better understanding of what they’re paying for — and how they can save.

The following seven factors can affect your home insurance rates:

1. Square Footage

When considering insurance, a home’s size isn’t ignored.

Larger homes are more expensive to insure because they pose a larger risk for incidents to occur. More space means more items, more possibilities and more coverage. If you do have to make a claim, it will be more intensive than a smaller home.

2. Home Style

Not all homes are built the same, and a home’s style has a significant influence on the issues that are bound to occur down the line.

As a result of basic construction differences, certain claims are associated with specific home types. Because of this, the type of home you buy will affect your insurance rates.

3. Construction Materials

Homes that are built with high-end materials have a correspondingly high insurance rate, whereas lower-budget homes will cost less to insure. What your home is built out of contributes to the insurance policy because it will need to be replaced in case a claim is made.

4. Property Age

If not taken care of properly, homes deteriorate with age. To an insurance company, an older home represents a greater risk for damage and problems.

The diligent homeowner, however, can overcome this generalization by alerting their insurance agent to recent repairs, renovations and damage-mitigating systems they have in place.

5. Amenities

Although it seems like everybody is caught up in having the latest and greatest home amenities, these items actually can cause your insurance rates to spike.

Home features, such as garages, decks and sheds, will cause your interest rates to increase. Potential risk factors such as pools, hot tubs, fireplaces, trampolines and swing sets and even certain animal breeds will also affect interest rates.

6. Neighborhood Considerations

Insurance companies aren’t only keeping their eyes on your household. They’re zooming out and considering the neighborhood at large.

Your area’s crime rates, insurance claims and proximity to risks like lakes and rivers will cause your interest rates to respond accordingly.

7. Credit Score

The homeowner’s credit score is often overlooked when setting insurance rates. Insurance companies use this score to understand how well you’ll keep up with your insurance bills — and how much of a risk you’ll pose to the insurer.

For some, this can be beneficial, but that won't be the case if you have a low credit score. If you’d like to skip this consideration, you can opt-out of this step. Just be sure to inform your insurance company upon applying.

Always consider these aspects to better understand which factors will affect your home insurance rates. For more information, contact us today.

 
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The information provided in this email newsletter is for general guidance only, and does not constitute the provision of legal advice, tax and accounting advice, real estate investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional real estate, tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Home value estimate calculators provided herein are general estimations based on publicly available data and should not be used as a substitute for a professional appraisal. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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