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Anytime you move or relocate to a new home, your homeowners rates may change. Even if you stay in the same area of town, with the same income and the same size of house, your rates may go up or down depending on a number of factors. When calculating homeowners insurance rates, insurers look at more than home value. These factors may be important to consider when looking into building or purchasing your next home.

Factors That Affect Your Homeowners Insurance RatesHome's Age: The age or your home has a lot to do with how risky an insurance company may view it. A newer home is generally in better shape, and more reliable than an older home. Newer homes often have more updated electrical systems, plumbing, and other features. Therefore, newer homes have lower homeowner’s insurance rates.

Type of Construction: Depending on what your home is made out of, your rates may go up or down. Homes constructed with sturdy, fire-resistant materials like brick, concrete and stone are cheaper to insure than homes constructed with soft, flammable materials like wood.

Location: The old adage, “location, location, location,” is not just for real estate. Your home’s location influences rates in several different areas. The first factor is whether the area is at-risk for wildfires, tornadoes, or other natural disasters. Second, if your home is in a high crime area, you can guarantee your rates will increase. Rates also increase in areas where building costs are particularly high. One way to lower your rates is to live within five miles of a fire station.

Claims History: Another factor that affects your insurance rates is your personal claims history. Homeowners who file frequent claims pay higher rates for homeowners insurance. Many problems homeowners have can be inexpensively fixed with a few tools and some hard work. While insurance is available and ready to be used, you can keep your costs low by taking care of small fix-it projects yourself.

Additional Risk Factors: Some properties come with inherent risks. For example, swimming pools and guesthouses are always red flags for insurance companies because of the additional risk involved. Aggressive dog breeds, trampolines, or activities on property can also be pricey. Many insurers will not extend coverage for these perils, and some will deny coverage altogether.

Credit Score: The higher a homeowner’s credit score, the lower their risk level. Statistically, homeowners with good credit file fewer claims than homeowners with poor credit. As a result, they are rewarded with cheaper homeowner’s insurance rates.


By Matt Reynolds - Google+
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Claude Reynolds Insurance Agency Inc.
6801 Dixie Hwy Suite 232
Louisville, KY 40258
Phone: 502-933-2255
Fax: 502-933-5057
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Claude Reynolds Insurance Agency Inc. | 6801 Dixie Hwy Suite 232, Louisville, KY 40258 | 502-933-2255
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