Factors Affecting Home Insurance Quotes

Home insurance companies will give you an insurance quote free of charge, and these are some of the factors that can affect the price you will pay for your home insurance.  The price and size of your home will have a large bearing on your premium.  Your heat source will come into play.  If you’re main heat is an electric furnace it will cost you less than someone who heats with a wood stove, or wood burning fireplace.  Other factors will include the type of flooring you have, if you have a deck, the age of your home, is your garage attached or detached, the location of your home, and what types of coverage you want on your policy.  Most policies cover damage caused by fire, wind, hail, broken water pipes, and things of that nature.  If you add earthquake, flood, or other specialized coverage’s it will increase your premiums.

When asking for a home insurance quotes be sure that you specify that, you want to have replacement cost insurance for the home and it contents.  This will cost a little more, but it is worth the cost. If you do not have replacement value coverage you will only receive the cost of the house when you bought it, you will not be compensated for what it will cost to rebuild your house now.  This holds true for the contents, for example if lightning hits your home a destroys a five year old television you will receive the money that the television cost the day it was purchased instead of what it will cost to purchase an equivalent television today.  The highest cost coverage is called guaranteed or extended replacement cost coverage.  This is more costly because, if totally destroyed, it will replace your home and all of it contents to its original state no matter what the cost differential between when you purchased the policy and when you use the policy.

When you ask for your quote, the insurance company should be able to have your quote in a matter of minutes.  They should guarantee the quote for thirty to sixty days, which will allow you ample time to compare the quote to that of other providers.  When you request a quote from another company, give them the quote that you already have so that they can compare the cost and make sure that they are giving you a quote on identical coverage.  This also will put competition between the companies on your side, as they will try to under- cut their competitors price.

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