Top Factors Affecting Your Homeowners Insurance Costs

Top Factors Affecting Your Homeowners Insurance CostsOnce you purchase a home, insurance is required to protect your property and wallet against unexpected mishaps. Although it is another expense to add to your monthly budget, understanding your insurance policy and what contributes to costs can benefit you in the long run. Here are some of the factors to consider when shopping for the best IL Homeowners Insurance policy.

  1. Coverage & Deductible- The coverage you need for your home depends largely on what and how much you need to insure. The higher the deductible, the lower the insurance premium will be. Although having a higher deductible will decrease your monthly insurance payments, it will require you to pay more out of pocket in the event you need to file a claim. Evaluate your budget and figure out which plan works best for you.
  2. Home’s Features, Materials, & Age- Older homes naturally come with more maintenance and encounter more problems than newer homes. Roofing, plumbing, and even foundational issues are common in these structures and renovations to repair these damages can be quite costly. Features such as swimming pools and alarm systems can affect your premium cost, as well. Materials such as weak wood shingles and siding on your home, for example, will increase your premium as they are more prone to damage.
  3. Location- Distance to the closest fire station, flooding and earthquake zones, and claim averages in your area can affect your rate, as well.
  4. Pets- However unfortunate, some insurance companies have a blacklist for certain types and breeds of pets. ABC Local stated that among the commonly blacklisted pet breeds in Illinois are: Huskies, Malamutes, Pit Bulls, Akitas, Great Danes, and Rottweilers, although they vary by company. If your pet is on that list, chances are your rate could be raised, if not denied altogether. Talk to your local insurance specialist to weigh your options.
  5. Credit Score- Typically, the lower the credit score, the higher the insurance premium costs. Paying bills on time can improve your credit score over time and lower your insurance premium.

These few factors that help determine insurance premium cost are important to consider when obtaining a homeowners insurance policy. At Myers Insurance Group, we specialize in providing customized insurance solutions to homeowners like you. For more information, contact our knowledgeable specialists today at (855) 534-5707.

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