Ever wondered how insurance companies come up with your homeowner premiums? Here’s the inside info!

Accurately pricing homeowners insurance is not simple. Determining the premium for your home involves mathematical calculation based on many factors history has shown may increase or decrease your chance of suffering a loss. Consider how the following rate factors may affect your premium:

• Characteristics of your home: its age, material, wiring, structure, roof, garage

• Location: if it’s close to a fire station or in a hurricane zone

• Protection: if your home has burglar alarms, sprinkler systems, deadbolt locks

• You: your record of paying debts or whether you smoke

• Prior claims: is there a history of multiple claims on a home insurance policy

Some factors may seem beyond your control—such as the materials the builder used or whether your local fire department is fully staffed and properly equipped. Yet there are other factors you can impact that may mean a significant difference in how much you will pay compared to others in similar homes, such as improving your insurance score through prompt payment of premiums, good maintenance, or installing or upgrading alarm systems and locks.

Even factors that seem beyond your control may, in fact, be possible to improve under certain circumstances. When considering claims history, for example, you may not feel you can control certain unexpected losses. But you can decide, through increased deductibles, how large and significant those losses must be before asking your insurance to pay them.

Your homeowners premium may also be affected by any homeowners claims that you filed in the past.

As you shop for homeowners insurance, keep in mind that the premium amount you are quoted will be affected by the following:

• Your credit score

• How close your home is to a fire station

• Whether your home is located along the coast, in the mountains or in the open country

• If you’ve installed security alarms, sprinkler systems or other safety features

Your homeowners premium may also be affected by any homeowners claims that you filed in the past. Talk over your insurance needs with us; we can help match you with the right coverages.

Let’s talk today on how we can work together to get you the best protection for the best cost. Call Cloverleaf Insurance 1-800-530-5822.