It does not matter whether you are the owner of the house or a tenant, every one needs to have their home insured to protect from any disasters. There are few basic things which you must know before you buy a home insurance to protect your living.
- Area Crime Rate : For the calculation of your house risk, your neighborhood crime rates will also be evaluated. This is done based on the post codes. To adverse the effects of crime rates it would be helpful if you install safety features such as security alarms or dead locks and get discounts on your premium.
- Fire Hazards and Prevention : Try to check for the fire hazards and reduce risk from it. Update the faulty electrical wiring. You will be offered discounts if you have installed smoke alarms inside your house, but make sure that is working correctly by carrying regular checks.
- The Quality of Your Home : Your premium rate mainly depends on the age of house and the kind of material used for building the house. A brand new house will cost you less when compared to old house. If your house is built with light materials which can catch fire easily or which can easily get damaged by storm, then it would cost you more than the house built of sturdy materials. Do not buy cheap houses when you are looking for one, later you may end up paying more for your home insurance.
- Claims History : You will be branded as high risk customer by the insurance companies if you frequently make small claims. Evaluate each claim very carefully before filing and too many claims can rise your annual premiums.
With high risk due to heavy storms and hurricanes, securing West Virginia home with a home insurance becomes essential. Hence, the dwellers have to ensure safety by making their home more wind and water resistant. Before you sign a bond with any home insurance company, the underwriter of the company will look into safety factors much before they provide you security.
When you are moving from one place to another, whether you own an apartment or rent a house, you will not have safety assurance to your house. Factors such as age, materials used in the construction of home are not under your control. However, maintaining the house in good condition certainly is. Record says, many homes which are older are more prone to disasters than the newly built. Hence, make all the necessary repairs, renovations, replacements before you step out to buy a home insurance. A prior look at all these will also help in reducing your premium rates. Consider electrical, plumbing and roofing systems and ensure all are sturdy and working well.
Once you have made your home storm and hurricane resistant, it does not end there. You need to start thinking about other safety factors. Any accident occurring due to fire need not be caused only due to faulty electricity. Install smoke and fire alarms in every room to get an alert, also have fire extinguishers to control small fires in emergency situations. Similarly install burglar alarm, in order to avoid thefts or burglary at home. Replace old locking system by dead bolt locks and sturdy doors. Keep all your windows locked, fill if any cracks or openings found. These measures are taken not only to secure you but will also help in obtaining discounts on your home insurance policy.
The car insurance premium in an average varies every year and this does not include the deductible when u have to file a claim. When we look at the economy today, many of us find it very difficult to keep up with such bills. So we have to find the right insurance company to get the lower premiums and best discounts.
Considering The Factors
In any car insurance application there are few criteria which will be considered at the time of evaluating. Even though few factors might affect your car insurance premium, they may not have much power over. Female drivers have advantage as they will have low car insurance premiums than the men drivers so, gender will also have an effect on your premium. And even if you are a senior driver you can have less premium than the teen drivers. Credit history is one main thing which most of the insurance companies look for. So, be sure you have a clean and good credit history which will help you to get the best premium rates. At any point of time they will be reviewing your credit score and see if have gone through any driving classes which can again be helpful for you to get cheaper premium.
The insurance companies also evaluate the model and make for the car they will be insuring. In case if you are driving a luxury car, then you will have to pay high premium. The reason is parts of luxury cars will be very expensive and repair costs thousands of dollars and also cars which are expensive are more prone to theft. In the mean time if you have an old car, your premiums will be cheaper as you can get the car parts very easily. Another important factor that affects your car insurance premium is the car mileage. The premium will be high if you drive for more distance. If you drive almost all the time, the level of risk for car accidents is high but if you drive less, then the risk levels will slightly be reduced. So, try to use your car less if you want cheap car insurance rates.
Have you ever wondered how insurance companies determine home and auto insurance rates? Naturally, the types of coverage you have and the amount for which you’re covered play a large part, but insurance companies look at more factors than the combined costs of, for example, bodily injury liability and collision insurance. What follows are five factors that affect your home and auto insurance rates.
- Marital status. Whether you’re single or married plays a large part in determining your insurance rates. In general, married customers are perceived to be more stable and less of a financial risk than single people, so they get lower rates.
- Number of dependents. If you have a family that depends on you, you’re more likely to behave responsibly, which results in lower rates. However, you probably also want more coverage to make sure your dependents are taken care of in the event of a major accident, so that can result in higher premiums.
- Property value. No matter whether it’s your car or your home, its replacement value is an important factor in determining your insurance rates.
- Location. Where you live is important for a number of reasons: crime rates, natural disasters, and distance to fire and police stations. Obviously, the safer your location, the lower your insurance rates.
- Your credit score. In all but three states, insurance companies consider your credit score as an indicator of your financial responsibility. A high credit score results in much lower insurance rates.
There’s a lot of thought put into how much you’re charged for your car insurance premiums. Although much of it is intuitive and includes factors like your age and driving record, there are some factors that you’re probably not aware of. Here are a few lesser-known car insurance factors that could be causing you to pay a lot more (or a lot less) than the next guy.
- What you do for a living. Believe it or not, this plays a big part in how much money you’ll spend a year on car insurance. But it has nothing to do with your earning potential or how much an insurance company thinks you can afford to pay. It actually relates to the personalities that gravitate toward particular fields. For example, scientists are seen as lower risks behind the wheel than lawyers. Why? The job of a lawyer is viewed as a more high stress occupation, and one that has the capacity to spill over into a person’s personal driving time through frequent business related cell phone calls. Scientists, on the other hand, are considered practical and logical in their approaches and are therefore seen as lower risks.
- Where you live. You may interpret that insurance companies target people who live in certain communities as being financially capable of paying higher insurance premiums, but this isn’t the case. What an insurer does take into account, however, is information about crime statistics and traffic in your area—each of which could have a significant impact on the increased risk of insurance claims.
- Your credit score. Sure, it makes sense that your ability to buy a car should be affected by your credit score—but your ability to get a good rate for your insurance? Insurance companies look at people who have good credit ratings as individuals who have displayed a consistency in their financial responsibilities They view this behavior as a sign that someone’s more likely to behave responsibly behind the wheel of a car.
There are many factors that can affect your home insurance premium. It is important for you to know them as it will help reduce your premium amount. For example, the age of construction of your house, your credit history, the construction materials used, the location of your dwelling and its proximity to fire department or police station, your claim history to name a few.
The best way to ensure that you get the right deals for your home insurance, auto insurance, and commercial insurance is by shopping for it through AgentInsure. You can get multiple quotes, and you can compare to see which provider offers the most affordable and pocket friendly premium.