Anyone with a home in Huntington, TX knows that home insurance is a must for protecting the property against catastrophic loss. Unfortunately, home insurance premiums can vary wildly, surprising homeowners everywhere. What are some of the factors that home insurance companies consider when calculating the rate?
First, many people don’t realize that pets can impact a home insurance rate. While dogs are a man’s best friend, insurance companies don’t look kindly on all dog breeds. Some dog breeds, such as Dobermans and Rottweilers, are aggressive dog breeds by nature. This leads to an increased chance that these dogs will potentially bite a family member of neighbor. This can lead to insurance claims that the company needs to pay out. To leverage this risk, home insurance companies will increase premiums.
Next, the potential for fire damage plays a major role when insurance companies decide premiums. If a home is close to a fire station, the owner will be rewarded with a lower premium. Furthermore, if a fire hydrant is nearby, this could also lead to a lower home insurance rate. This is because fire damage can lead to an insurance company paying substantial financial claims to replace lost or damaged property. If a fire station or fire hydrant is close to the property, the fire will be handled sooner and result in a lower financial cost to the owner and the insurance company.
Finally, home maintenance costs are a major factor in home insurance costs. Out of date water heaters, pipes that drip, inadequate water seals, and leaking roofs are all aspects that insurance companies frown upon. This is because poor maintenance can lead to major home damage that can cause insurance companies to pay out substantial claims. Keep homes in good repair to minimize home insurance premiums.
There are common factors that insurance companies in Huntington, TX take into account when deciding on home insurance premiums. Rely on the tips above to keep home insurance costs to a minimum.