5 Things That Insurance Companies Look for When Rating Your Homeowner’s Insurance - Temecula Insurance Agency - Carver for Auto, Home, Life & Health
Things That Insurance Companies Look for When Rating Your Homeowner’s Insurance

5 Things That Insurance Companies Look for When Rating Your Homeowner’s Insurance

Insurance companies consider many factors when rating your homeowner insurance premium. We all want the peace of mind that our home and its contents are covered for the worst-case scenarios, yet that sometimes means paying higher insurance premiums to ensure that everything is adequately covered. But how exactly does an insurance company rate your homeowner insurance premium? Many factors are considered, so your insurance costs can vary significantly depending on the overall condition of your property and many other things! Here are 5 things that insurance companies look for when rating your homeowner’s insurance: 1. Replacement Costs Things That Insurance Companies Look for When Rating Your Homeowner’s InsurancePerhaps the biggest thing that an insurance company looks at is the replacement cost of your house. This basically involves calculating the overall cost that it would take to completely rebuild your property in its current condition. Many homeowners think that the replacement cost is the same thing as the market value of the property, yet it’s quite different, as market value includes the land value and the property value, not the cost to rebuild the property. When a homeowners insurance company appraises your home for replacement costs, they look at all kinds of things including square footage, number of bathrooms, the size of the garage, and much more. 2. Deductibles The deductible of your homeowner’s insurance is the amount that you pay before receiving your claim. An insurance company will offer different value deductibles, varying from a few hundred dollars to upwards of $5000, so the amount you agree to pay effects the rate the company gives for your insurance. For example, if you agree to pay a higher deductible when making a claim, the overall cost of the insurance policy will be lowered, with those paying the highest deductible saving as much as 25% on their premium. 3. Pets Many people are surprised to hear that their pets may impact their insurance premium. Companies look at the type of pets that you have and will use this to base their liability insurance costs, which is basically the money you’d need to pay if your pet attacked someone in your house and they sued you for it. For example, there is a chance that your insurance company requires a liability waiver for dog bites, while others base their coverage on the type of breed, how well trained it is, and whether it needs a muzzle. You may find that some companies don’t bother providing insurance for higher risk breeds like a Pitbull or Rottweiler, although some may charge a higher premium to cover them. 4. Property Age Companies will look at your property’s age to determine the cost of rebuilding it, also checking for previous claims, even those that occurred before you owned it. The newer the property, the less the insurance is likely to cost, as there are fewer risks associated with property that was more recently constructed. 5. Roof Condition The overall condition of the roof is a big factor when rating your insurance policy. Roof repairs are one the more common insurance claims, meaning that a newer roof is likely to reduce the premium of the policy compared to an older roof. This is because a newer roof can better protect the property and its contents. For instance, the chances of roof leaks and subsequent water damage are much higher with an older roof, so newer roofs are always preferred by insurance companies.   home insurance agent temeculaCarver Insurance Services, Inc. is a local insurance agency that has been serving residents and small businesses in Murrieta Ca, Temecula Ca, and surrounding areas since 2004. Started by Diana Carver; a second generation insurance broker with over 25 years experience, when after working for several insurance brokerages, Diana felt the need for a brokerage that was efficient and progressive, while still keeping that “hometown” feeling. Carver Insurance Services, Inc.’s goal is to help you determine what insurance needs you have, meet those needs, and then help you prepare to meet future goals. The Carver Insurance Services, Inc. Family and its agents would love for you to stop by one of their two convenient locations for a free insurance quote or just to say, “Hello!” To learn more click the link to visit our Tumblr page For More Insurance Information.     For more information, give Carver Insurance Services, Inc. a call today to talk to a friendly, helpful agent. 951-677-9600 Rating Your Temecula Home Owner's Insurance Carver Insurance Services, Inc. 33321 Temecula Parkway suite #102, Temecula, 92592 951-676-0540

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