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front of houseMany homeowners are looking for the best deal when it comes to their home insurance. They want to get the coverage they need, but they don’t want to pay a lot for the coverage. 

It’s natural to want to save as much as possible on monthly expenses. To get an idea about how insurance companies determine your rate, it’s important to understand your home.

The Location of Your Home Matters

When it comes to your home insurance, risks are a significant factor in determining the price you pay. One risk factor you may not consider is the location of your home.

Homes that are in an area with very few natural disasters present fewer risks. Homes near fire departments present fewer risks to insurance companies as well. Insurance providers will consider factors like these when they write policies.

Your Home’s Structure Affects Your Rate

An important determinant of the rate you pay for home insurance is your home’s structure. Homes that will require a lot to of money to repair or replace are more expensive to insure.

For instance, a two-story home that’s 2,200 sq. ft. will probably cost more to insure than a home that’s one level and the same size. The first home will probably require more materials to repair or replace. Therefore, insuring it will likely cost more.

The Age of Your Home Matters

These days we know more about home construction. Not only do we know more, but general contractors can construct homes better. They know how to install electricity better and ensure that your plumbing works as it should. 

Years ago, we didn’t have the knowledge we have now and the construction of homes reflect that fact. For example, the wiring in many older homes doesn’t meet the code standards we have now. Faulty wiring can cause a fire. The dated wiring is a significant risk to your home insurance provider. As such, insuring a newer home is usually cheaper than insuring older homes.

There are many other factors that affect the cost of your home insurance.  If you are in the market to purchase a home or you want to reduce the cost of your home insurance, then you should talk to one of our licensed insurance agents about risk factors.

We provide lots of information that can help you determine a strategy to lower the cost of your home insurance. Give us a call today so that we can help you get the coverage you need at the cost you want.

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