Friday, August 3, 2012

How is Home Insurance Calculated?

Possibly the most important aspect in determining your house insurance is the condition of your home. Any problems your home may have could up the cost of insurance, such as damaged roofing, bad electrical wiring, or even a termite infestation. If there are any possible issues with your home’s condition, your best bet is to get them taken care of before applying for insurance. However, you can still make the necessary repairs after you have your policy, just alert your insurance provider so they can inspect and approve the work.
Other factors in your house insurance rates are the type of safety features installed in your home. If you have up to date smoke detectors and a decent alarm system, you could potentially save money on your insurance as these protect your home from damage and theft. Unfortunately for smokers, cigarettes are seen as a possible fire hazard and can increase your home insurance costs.
You’ve heard it before – location, location, location. You’re house insurance costs could be drastically affected by where your home is located. If you live in a city or state that is prone to natural disasters such as tornadoes, hurricanes, or even earthquakes, you can expect a higher insurance rate. Areas with high rates in thefts or other crimes often carry higher insurance costs too.

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