When it comes to home owners insurance, there is no one size fits all. Many aspects are involved in determining how much you will pay for insurance. However, there are some factors you can control to help you get a better rate when obtaining a home owners insurance quote from an insurance agent in Texas.
Amount of Coverage
The larger your policy is, the larger your premiums will be. If you have a policy that covers a $100,000 home, it will not cost as much as a policy that covers a $200,000 home.
The Year Your Home was Built
You will typically receive lower premiums for a newer home. Your Texas insurance agent should be aware older homes can be more likely to have losses and claims due to wear and tear.
How Close You Are to Emergency Services
You will pay better insurance rates the closer you live to a fire station and fire hydrant. Houses out in the country that are many miles from the closest emergency service typically pay more.
Man’s Best Friend
While your family’s rottweiler or pit bull may be the sweetest dog ever, your insurance company may consider them dangerous breeds, causing your premiums to rise. You should inform your insurance company if your pet (of any breed) has bit someone in the past. If you do not inform them and there is an incident with your pet, the insurance company will not cover any claims involving the animal.
Size and Features of Your Home
A bigger home will cost more to insure. If your home has been upgraded or uses more expensive materials, such as premium siding or roofing materials, your insurance costs will be higher.
Deductible
The deductible refers to the amount of financial responsibility you accept in the event of a claim. You will have lower rates if you opt for a higher deductible. When obtaining a home owners insurance quote, you should check what the premiums would be for different deductibles.
Outdoor Features
Items, such as a trampoline and swimming pool, can increase the cost of your homeowners insurance. If you are thinking of adding a swimming pool to your backyard, check with your Texas insurance agent because some require a fence to be built around the pool.
Security Enhancements
Another way to lower your cost of insurance is to install a security system. Many insurance companies offer discounts and reduced rates for any security upgrades, such as an alarm, you may add to your home.
Credit Score
Insurance companies use your credit score to help determine your rates. Homeowners with higher scores get better premiums because insurance companies tend to believe they will be a more responsible homeowner.
Recent Claims
Your premiums will be higher if you have made many recent claims on your policy. If you are considering making a claim for a few hundred dollars, you should evaluate if the claim is worth the potential increase to your insurance rate when renewal time comes around. If you are buying a new home in the Dallas, TX, area or simply reevaluating your insurance needs on your existing home, contact us for a home owners insurance quote.