Factors That Affect Your Homeowner’s Insurance Premiums

Factors That Affect Your Homeowner’s Insurance Premiums

Insurance

Table of Contents

What Factors Affect Insurance Premiums?

Insurance premiums are determined by a variety of factors, including the type of coverage, the age and condition of the property, and the amount of coverage desired. The location of the property, the claims history of the property, and the credit score of the homeowner can also affect the premium. Other factors that can influence the cost of insurance premiums include the type of property, the type of policy, and the deductible.

What Are 5 Factors That Affect Your Monthly Premium?

The five main factors that can affect the monthly premium of your homeowner’s insurance include:

  • The type of coverage
  • The age and condition of the property
  • The amount of coverage desired
  • The location of the property
  • The claims history of the property

What Are 3 Things That Could Make Home Insurance Go Up?

Three things that could make home insurance premiums go up are:

  • The credit score of the homeowner
  • The type of property
  • The type of policy and deductible

Types of Property Insurance

Property insurance can be divided into two main categories: hazard insurance and liability insurance. Hazard insurance covers losses due to fire, wind, hail, lightning, and other natural disasters. Liability insurance covers losses due to accidents or negligence. Other types of property insurance include flood insurance, earthquake insurance, and umbrella insurance.