Homeowners Insurance | Buying a home is an exciting time. Perhaps it’s your first home purchase, an investment property or a vacation home. Beyond the excitement, there are many financial factors that will come into play during your upcoming purchase. From mortgage to closing costs, needed updates and desired renovations are often at the top of mind for home buyers as well. However, there’s one crucial cost that buyers often overlook when searching for a home – home insurance.
Shopping for home insurance Florida quotes can be confusing if you aren’t sure what factors insurance companies consider when determining the premium they charge each customer. Companies can compare or weight variables differently. Coverage options, home value and even insurance or credit scores can be taken into consideration when putting together a home insurance quote. Additionally, there are other factors that can drive up your home insurance premiums that you may not even be aware of. By learning about these risk factors, you can make a more informed decision about your next home purchase. After all, it is one of the largest and most important financial commitments most people make.
The following factors can have a significant impact on your home insurance quotes, eventual premiums, and even application approval:
1. Past Claims
Many homeowners don't realize that the claims that were filed on a home historically can affect their home insurance rates even if they've just purchased the home. Insurance companies share claim history for you and for the home.
Certain types of claims can alert home insurance companies to underlying potential risks. For example, if the home has a flood claim or water damage history, mold issues and claims are more likely to occur.
Related Post: Protecting Your Home from Mold
2. Attractive Nuisances
These pesky items of note are dangers posed by risky additions: pools or trampolines, or even certain breeds of dogs. Others are seemingly fun additions like tree houses and zip lines.
Because drowning is the leading cause of fatal accidents in children ages 1-4, pools present a liability increase. Also, you can actually be liable for intruders who use your pool without your permission if they have an accident.
Over 100,000 ER visits a year are attributed to trampolines, according to the Consumer Product Safety Commission. People of all ages are injured on these family favorites.
Pools and trampolines both add risk to your home. It is best to check with the insurance company of your choice for eligibility requirements.
3. Location of the Home
Properties near the ocean face greater risks from hurricanes, wind damage and erosion. Homes that are in certain flood prone areas are at greater risk of flood damage. It’s important to note that flood insurance is not part of your standard homeowners insurance policy and must be purchased separately.
Beyond these risks, residents in neighborhoods that experience trends, such as high crime rates or a spike in burglaries, or even in areas where there is a surge in claims for the same peril (such as water loss or roof damage) could see their rate impacted accordingly, as this is an indicator that your home and possessions could be at a greater risk of being damaged or lost.
Related Post: Don't Risk It. Get Flood Insurance.
If you are ready to find a home insurance quote in Florida, they are free and easy and can help you make a more informed decision about your home insurance policy. Visit American Integrity Insurance for a free, no obligation home insurance quote in Florida.
American Integrity Insurance is committed to providing Florida homeowners with sound, comprehensive insurance coverage and an extraordinary customer experience. We strive to be a valued partner to our policyholders, agents, and community.
We offer traditional and high valued homeowners insurance, condo insurance, renters insurance, and the special coverage required for vacant homes, manufactured homes, and policies designed for those who need less coverage or are renting out their home. We also offer extra protection, including flood insurance, umbrella insurance, golf cart insurance, boat insurance, cyber coverage and identity theft protection as well as equipment breakdown coverage, to help address a broad range of needs facing Florida homeowners today.