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Analyzing your home

Many factors go into determining the premiums for a homeowners policy.  The age of your home, the materials used to build it, where it’s located, the square footage, and the number of rooms all play a role. 

How do you heat your home?  What’s the overall condition of the house?  How many people live in your home?  How close is your home to the nearest fire station and fire hydrant?  The answers to these questions also help determine how much you’ll pay for your homeowners policy. 

Ways to save
If your home is equipped with an alarm system, smoke detectors and deadbolt locks, you could save money.  Those items help make your home safer and more secure.  If you have an in-ground pool or a trampoline, you might pay higher premiums. You can also expect to pay more if you are located in a higher risk area, such as a coastline. Your insurance company will also want to know if you plan to use the home for any business purposes, of if you plan to rent all or part of the house, both of which can increase liability.

Armed with all this information, insurance companies can determine how much to charge you for insurance, sometimes in a matter of minutes.

Do I need to buy flood insurance?
If you want your belongings covered against damages caused by a flood, the answer is yes. Basic homeowners insurance policies do not cover damage from flooding. Because flood damage happens so infrequently, most insurance companies won't even consider writing flood coverage. The National Flood Insurance Program (NFIP) underwrites the overwhelming majority of flood policies in the United States. While most people should at least think about getting flood insurance, it is true that some people need it more than others.