Owning a home is one of the best feelings a person can have. However, being a home owner comes with a lot of responsibility. One of those responsibilities is providing insurance for your home. As a homeowner, you need to insure it for many reasons. Thirty years ago, homeowners insurance was affordable and easy to get. There were hardly any questions asked. Not so much, now.
Buying homeowners insurance now-a-days has changed significantly not only for the home owner, but for the insurance companies as well. There are many factors that Insurance companies consider when determining whether or not they can sell you homeowners Insurance, as well as what your homeowners Insurance rates will be. Insurance companies look at the geographic location of your home. If you live in an area prone to hurricanes, mudslides, or wildfires, your homeowners Insurance rates will be very high. They also look at the age and condition of your home. Note: That is why they come out and take pictures of it.
Your homeowners Insurance rates will be expensive if your home is aged and in need of repairs. They also consider the age of your roof. The agent will usually ask you how long has it been since you put a new roof on your home. They also look at your electrical wiring. If you have old wiring it adds to the rate of your Insurance. If your home has an old-fashioned fuse box, and not a circuit breaker, this will also cause the rate to increase.
Believe it or not, they also look at whether or not a lot of other homeowners in your area have filed claims. So not only will the condition of your home cause you to face higher premiums, but your neighbors will also cause your premiums to be expensive. If other homeowners in your area have filed a lot of claims, your home can be in immaculate condition, but because of that factor, you will still pay a higher premium.
Even though Insurance companies have their iron clad rules, there is something you can do to fight back. Get homeowners Insurance quotes from several companies. You should do this so that you can compare their homeowners Insurance rates. Make you a list of questions, and ask each company the same exact questions. Compare the responses they give you. Also, sell yourself to the Insurance companies. Do you have a good history of not having to file claims and paid your premiums on time?
You have an Insurance credit score that is totally different from your consumer credit score. This is a big unknown factor to homeowners. The Insurance companies will not tell you this. So here, you have a little leverage. Also, offer to add on your vehicle. This will decrease homeowners Insurance quotes immediately. Most Insurance companies give discounts for multiple policies. Get a quote for more than your home is worth.
The more you buy the more you save. You need the Insurance because you never know when something might happen. But at least now you have a little ammunition of your own when you start to receive your homeowners Insurance quotes.