Personal factors hold a lot of weight with your home owner’s insurance agent. Be prepared to pay more when you or your home features these more costly circumstances.
- Pets. Insurance rates may increase if you own pets. Some insurance companies may also require proof of pet breed, especially if you own a dog breed deemed “aggressive” or an exotic animal. Some agents may even ask for pictures of your pets.
- Location. Is your home frequently surrounded by dangerous weather or at risk for natural disasters? Be sure to take the necessary precautions in order to protect your home from these conditions in order to reduce your rate.
- Lifestyle. Agents will ask about certain lifestyle factors when you’re looking to finalize your rate. Especially important — smokers may have a higher rate because of the added risk of fire and smoke damage to a home.
- Risky Fun. Your kids love their trampoline, but agents only see danger when they visit your home. Expect increases when you have any fun toys that could cause injury.
- Credit Rating. Poor credit scores can mean a higher insurance premium. Take the time to establish a strong credit history and agents will see your financial aptitude and readiness — and know that you are ready to do so again with home insurance.
- Age and Homeownership History. Long-time homeowners who are well established in the community often receive lower rates than their younger, first-time buying counterparts. Retired individuals are often given reduced rates by the agents as well.
Learn how to manage these factors and take your savings to the bank!