Your personalized home insurance quote is not found on a chart that matches your home value, age and your chosen deductible to find the right price. A home quote is specific to each applicant and based on the details that pertain to your lifestyle, community and home. We’d like to touch on a few of the factors that determine your premium:
Your home’s age: Older model homes can be less equipped for a natural disaster, and can also be more expensive to repair. Newer homes are built to newer safety codes and can also be made of more durable materials. This means if you have an older home, you should prepare for a higher home insurance premium.
What your home is made of: Wood framed homes are more expensive to insure because they are highly susceptible to fire. Concrete and brick homes have less risk of a catastrophic house fire and can also stand up to harsher environmental elements. Since concrete and brick homes are less vulnerable, they tend to have a lower insurance premium.
If you have a dog, their breed can also play a role: If you were under the assumption your pets didn’t play a role in your home insurance you’d unfortunately be wrong. Certain breeds have been labeled more dangerous than others because of their propensity to attack strangers. Not all dogs of those breeds are dangerous, and this may include your dog, but if you have a higher risk breed then the reputation of the breed supersedes training and behavior resulting in higher premiums.
Fire safety and emergency response options: Small towns generally have a volunteer fire department to fight smaller blazes, with the bigger city force stepping in to handle the larger fires. The type of fire fighting force you have access to will play a role in the types of insurance rates you have access to. Your proximity to a fire hydrant can also affect your premiums—with closer proximity rewarded by lower premiums.
Insurance carriers need to know all the details when they are evaluating your property for a new homeowners policy. The above factors, as well as many others, come together to paint a picture of the total risk your home exposes the insurance company to. It is this comprehensive picture with both positive and negative points that will determine the premium you are charged.
When you are looking to protect your home, give Excalibur Insurance Group a call at 519-482-9357. We are there to help you find the best insurance at the best price for your London Home Insurance.