3 Lesser-Known Factors That Can Affect The Price You Are Quoted For Home Insurance
If you are looking for a new home insurance policy, you may be obtaining home insurance quotes from various insurance companies. Obtaining quotes is a great way to find out how much a policy will cost you based on the specific coverage you need. Most people know that the value of their homes, the value of the items stored in the home, and the location of the home — and desired deductibles all play a role in how much they will be quoted for an insurance policy. However, there are some other factors that can also affect your quote that you may be unaware of.
The Age of Your Home
One of the factors that can affect the price that you are quoted for home insurance is the age of your home. Many people do not realize it, but the older their home is, the more it typically costs to cover. The reason for this is that older homes are typically made from older building materials that are more susceptible to elements such as an electric fire or major damage due to a storm. Even older pipes are more likely to burst, causing water damage to the home. All of this increases your risk factor, which increases your quoted home insurance price.
Your Credit Score
Another factor that can affect the price that you are quoted for home insurance is your credit score. Insurance companies often look at your insurance score when determining how much to quote you for different types of insurance products, including home insurance and auto insurance. If you have a low credit score, you may be charged higher premium amounts for insurance.
Attractive Nuisances
A final lesser-known factor that can affect the price you are quoted for home insurance is attractive nuisances. If you have items on your property that may attract children but may also harm children, you could be charged a higher price. Having items such as a pool, play structure, or trampoline on your property is an attractive nuisance. Children may be attracted to these items and may climb fences or look for ways in. Unfortunately, there is a chance of a child harming themselves on these items, which is what drives a home insurance premium price up.
There are a multitude of factors that can affect how much you are quoted for and ultimately will pay for home insurance. Knowing what these factors are can help you to understand why you may be quoted a price that is higher or lower than you expected. If you are looking to purchase a new home insurance policy, contact a local insurance agent at a service such as Del Toro Insurance to learn more.
