Homeowners insurance is key when it comes to anything having to do with your home and belongings.
Did you know that there are some factors that can affect your homeowners’ insurance? Keep reading to see what some of the factors are that may affect your insurance premium.
Remodels
Any kind of repair or remodel will likely raise the home’s value. Because of this, your homeowners insurance should reflect the rise in value. While this may raise your premium, your coverage will be up to date with your current home.
Home Characteristics
There are several home characteristics than can affect home insurance costs including:
- Age of home
- Amenities (sheds, swimming pools, trampolines, garages)
- Frame type
- Condition of roof
- Neighborhood
- Proximity to Risk Factors (Close to water, remote location)
Personal Factors
Home characteristics aren’t the only factors that can affect home insurance rates. There are several personal factors that can affect the cost of home insurance that providers look at in order to calculate an insurance score. Some of these factors include:
- Credit score
- Value of personal belongings
- Home’s claim history
- Marital status
- Dog breed (if applicable)
Home-Based Businesses
Your homeowner’s policy will not give you enough or any coverage if you have a home-based business. While your personal belongings may be covered, any sort of business liability isn’t. Additional coverage for your work inventory must be added via a “policy endorsement,” to your home insurance.
Payne Insurance Group
Make sure you and your family are protected with the best insurance!
Payne Insurance Group provides insurance for auto, home, commercial, and much more! Payne Insurance Group has partnered with over 13 businesses across the Rio Grande Valley, As a result, we have created a one-stop-shop for all types of insurance!
