Home insurance premiums can depend upon many variables. As we are all unique in different ways, premiums are calculated based on the risk associated with each individual situation. For example: Replacement cost of the building and possessions. The higher the value of your home, the more expensive it will cost to insure it. Also, the higher the value of your possessions, the higher your insurance premiums will be. Insurance companies pay special attention to the value of your possessions at market rate. Where you live. This is probably one of the most important elements that is factored into your home insurance premium. Each city location has its own story and background in terms of claims filed in the area, the crime rate, etc. Past claims. If you have had past claims on previous homes you have lived in, it could have an impact on any future insurance premiums you take on. What type of security system you have. Depending on the type of security system you have installed in your home, you might be entitled to certain discounts. Typically you would have to show documentation that your internal security system is linked with the police, fire and paramedics for quick response in the event the unthinkable happens. Age of your home. Typically the older the home, the more likelihood that its electrical, piping and source of heat is old and might require more maintenance. These systems could also be susceptible to more damage and the cost to replace them is higher than it would be for newer systems. Are you a smoker? If you are a smoker, insurance companies consider this as a source and potential hazard for fires to take place in the house. So there’s more than one reason to quit smoking. Mortgage. If you are mortgage free, your insurance premiums will be a lot lower. Loyalty. Insurance companies will reward you for staying the course and not switching companies. Type of heating. If your home is heated by an electrical or gas furnace as opposed to being heated by an oil tank, your insurance premiums will be a lot lower. Type of pipes. The type of pipes that are installed in your home matter a great deal. You want to make sure that your home is installed with copper or plastic pipes as opposed to galvanized or lead piping in order to reduce risks of breakage and leakage. Type of electricity. As household electrics are a common source of fire, the insurance company will want to know how your circuits were installed, does your home have a breaker/fuse box, etc. For a free Commercial or Residential Property Owners Quote email [email protected] or ring 01254 770894
Posted on: Tue, 04 Mar 2014 16:15:36 +0000
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