Homeowners Insurance - What Drives My Insurance Rates!

If you are receiving financing on your home from a lender, you will most likely be required to have homeowners insurance. Most often this is “escrowed”, meaning the cost of your homeowners insurance is included in your closing costs and monthly mortgage payment for your lender to pay annually.

When searching for a new home, there are several important things to consider when it comes to personal characteristics, home characteristics and associated risks. In insurance, risk is the chance of occurrence of something harmful or unexpected that might include loss or damage. When searching for a home or vehicle it is important to consider the risk associated with that purchase and how it may affect your insurance rates.

Below are a few things that may impact your insurance rates:

Personal Characteristics:

• Consumer Reports

• Insurance Score

• Claim History

Home Characteristics:

• Age of home/roof

• Cost to rebuild new

• Distance to nearest fire station

Receive a free insurance review before searching for a new home and be sure to get an insurance quote during the inspection period to avoid any hidden (and costly) surprises!