Home insurance premiums vary according to the age of the home, location, condition and your credit rating. Eligibility requirements and premiums for coverage may be determined by previous loss experience and age of the dwelling.
Windstorms, fire and hail storms do not result in catastrophic damage. But hail causes some significant damages to your home. The most affected part of home because of hail damage will be your house roof. You can mitigate damage if there is hail damage and this can help you reduce your Indiana home insurance premium.
a.Roof Covering : Materials that have been used for building the roof and the condition of the roof can improve on the resistance. Asphalt shingles is liable to hail damage. There are roof coverings which has impact-resistant coverings. It is designed and also tested to amend the performance of the roof during the hailstorms. This reduces the potential damage and also the premium.
b. Roof Decking : Your roof will be covered with roof decking, which will provide structural support. The resistance of roof will be improved by roof decking. Hail damage can be reduced and the roof stiffness can be improved by using good material and also improving on construction techniques.
c. Roof Slope : The force of impact of hail can be reduced if the roof is angled. If the hail hits the roof at 90 degree then the damage caused by the hail will be more. Angling of the roof can reduce the force of crash from hail. When the hail hits the roof at a 90-degree angle, it causes more damage.
You will be responsible for other’s loss if they are involved in an automobile accident along with you. A lawsuit or a car insurance claim can be filed for the loss that has occurred. To judge about the insured’s premium, consumer credit information will be used by the car insurance companies. Many researches have shown statistical relationship between the loss that has happened to the consumer and the credit score information. Each car insurance company will utilize the credit scores so that they can decide what scoring model they will be using. Following requirements can be included in the model :
Credit Score Rule : Common factors that are used by the insurers are :
- Foreclosures, liens, collections, Bankruptcy.
- Payment history : This will give information how many times you have done late payments and also calculate number of days between the due date and the payment date.
- Length of the credit History : Amount of time consumers have been in credit system.
- Home Ownership : A consumer rents or owns a property.
- Inquiries for credit : How many times the consumer has applied for new accounts including utility accounts, credit card accounts and loans.
- Number of open credit lines : How many department credit cards and major credit cards are open.
- Types of Credit in Use : Finance company loans, store credit cards and major credit cards.
- Outstanding Debt : How much credit does a consumer owe.
How To improve Credit Score
You should keep reviewing your credit report because there might be inaccurate information. Plan yourself to improve your credit score. You can improve your credit history if you follow the below suggestions :
- Pay your bills on time every month.
- Pay the due amount at least on time.
- Keep the creditor in contact if you cannot make the payment.
- When it comes to credit card reduce the amount you are owed to.
- Reduce the new credit accounts.