How is my Homeowners Premium Determined?

Your homeowners premium is determined by the amount of coverage you need to protect your home and the belongings inside. When you begin looking for a new insurance policy think about the value of your home and all of the items you will need to replace if a disaster affects your area. You will want to compare several different rates to make sure you are getting a good deal. Once you have filled out the form with some information you will be matched with several quotes that will fit your needs. Go online today to find the homeowners insurance policy that fits your budget.

Coverage Amounts

Depending on the value of your home - you will need to make sure you have enough property damage protection to replace your home if it is destroyed by a disaster. You may need to have the home assessed to make sure the value is current and you can accurately purchase the amount of coverage you need. Of course the higher the coverage amount the more you will pay for your premium.

The materials used to build your house will also affect the amount you pay for your homeowners insurance premium. If you own a brick home you may get a discount on your premium because there is less risk for damage in a fire or wind storm. If your home is a modular or a mobile home your will probably pay more for your homeowners insurance. The best way to find a great rate on your insurance is to shop online. There are many companies who will offer cheap quotes based on different specifications of your home. Shop for multiple quotes and get the best deal on your premium.

The age of your home will also affect how your homeowners premium is determined. A brand new home that has been built well with several safety features should cost less for homeowners insurance. New homes are beautiful and they can actually save you money on your premium. If you own an older home you may pay more for homeowners insurance. There is a bigger risk for electrical problems or a weak structure in older homes. Keep all of this in mind when you are determining your homeowners insurance.

Location and Deductible

The location of your home will definitely affect how your homeowners premium is determined. If you live close to water you will pay more and you may also need separate flood insurance. If you live in an area that is known for earthquakes or tornadoes you are at a higher risk for a disaster and will pay more for you homeowners insurance premium. You will need to take these things into consideration when searching for quotes online.

The amount you want to pay for your deductible will also affect how your homeowners premium is determined. If you do not want to have a lot of out of pocket expense when you need to file a claim - you can choose a low deductible. This will increase the amount you pay each month for insurance. If you have some money in savings and you are able to pay more for your deductible you could save a considerable amount of money on your homeowners policy.

No matter what your budget - you will be able to find an affordable homeowners insurance premium if you look online. Comparing quotes from several different companies will help you find the premium and coverage that fits your needs and your pocketbook. Go online today.

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What People Are Saying

"We found your site and changed policies after paying a huge deductible when a storm layed a tree in our living room. Our new deductible is almost 30% less and our monthly payment also went down. Thanks!"

- Sharon and Lewis K, St Louis MO