What Determines the Price of My Home Insurance?

There are many factors that go into determining the price of an insurance policy. We’re prepared to help educate, explain, and find the right protection for your needs. Many times we can save our customers hundreds or even thousands of dollars on home insurance, while maintaining or providing even better coverage than they had before. Here are just a few of the factors that can affect the price of your home insurance policy:

• The age of your home (and if it has had updates) and age of your roof
• Type of roof (tile, metal, shingle) and shape of roof (hip, gable, etc)
• Claim history and prior losses
• Continuous coverage. If you ever have gaps in coverage
• The area of town you live in and proximity to water. In most cases, the further you are from the water the less expensive your premium will be. Also the distance you are from a fire hydrant and fire station can have an impact on price.
• The coverage limits that you choose for both dwelling and personal property insurance.
• The deductibles you choose for your home insurance policy can have a dramatic impact. The greater the risk you assume as the homeowner, the lower your premium, but the higher your out of pocket cost will be. In Florida, nearly all homeowner policies carry two deductibles: one for hurricanes (general 2% of the dwelling coverage) and one called “All Other Perils” for other events.
• There are various discounts and credits our insurers offer customers. The most common are Wind Mitigation credits and Monitored alarms (burglar and fire) discounts. If your home was built before 2002, we strongly recommend you get a Wind Mitigation Inspection as those discounts can be up to 60% off of the total premium.