July 15th, 2017 | Homeowner's Insurance
Do you know why you’re paying so much to protect your home? More importantly, have you considered the different ways you could reduce your home insurance rate? Here in the Memphis area, we have a varied array of homes and neighborhoods and neighborhoods as well as an assortment of credit profiles. Let's look at your Home's Age and Construction Type, Your Credit Scores and other factors which lend to your Homeowners' Insurance cost. 1 STOP Mortgage has the answers you are looking for!
Here are 5 factors that contribute to the price of a home insurance policy:
#1 - Home’s Age and Construction Type - Insurance companies look at the age of the home, what materials were used, how many bedrooms, the square footage, type of roof and windows. Also the condition of the plumbing, heatings and electrical systems are factors.
#2 - Home’s Vulnerability To Criminal Activity - Living in a high crime area is more prone to theft; the more crime there is in a neighborhood the more at risk you and your home are that results in filing a claim. There are steps to alleviate some of the concern the insurance company may have. Most insurance companies provide 2 percent to 15 percent discounts for devices that make a home - dead-bolts, window gates, bars and smoke/fire/burglar alarms.
#3 - Firefighting Response Time - The distance between your home and a fire station is a factor that insurers mull over when figuring out your home insurance rate. The proximity of your home to a fire hydrant and to a fire station, whether your community has a professional or volunteer fire service and other factors that can affect the time it takes to put out fires.
#4 - Your Credit Score - The three digit number that predicts the likelihood of you paying bills will be a factor in the cost of homeowner insurance. Many insurance companies use a credit-based “insurance score” when evaluating insurance applications or policies.
#5 - Your Dog’s Breed - Got a dog? It could affect what you pay for homeowner’s insurance. Your dog’s breed could affect your premium since studies have shown that certain breed are more susceptible to biting than others. A homeowner insurance covers if someone gets hurt on your property.
Questions? We've got answers! Give Robert a call at (901) 388-1588 for anything in reference to your mortgage. We're here for you!