How Much is Homeowners Insurance?

Which Factors Increase the Homeowners Policy Cost?

The following factors are game changers. The more you detail your needs, the better protection you’ll get on your Homeowners Insurance coverage.

 

Location

Your home’s state, city, and zip code play a huge role in your Homeowners Insurance cost. Why? Well, if your neighborhood has a higher risk rate for weather damage, for example, hurricanes or earthquakes, or maybe has a higher claims history due to crime, your premiums might be more expensive.

 

Each area has its risk factors and having a Homeowners Insurance that covers them specifically is essential. If not, why bother having insurance that doesn’t have your back when you need it most? Whether it’s natural disaster probabilities, crime rates, or even local construction costs, PSIC has them in consideration to ensure that your coverage is as reliable as possible.

 

Age and condition

There’s an old saying that states “old homes have character”. Well, sometimes the cost of managing that kind of character may add up. Why? Old homes, as unique as they are, demand more maintenance and are prone to frequent repair or replacement.

 

Every sump pump, electrical, or plumbing system has a life cycle. The older the property, the higher the risk of paying for its replacement. Therefore, the age and condition of your home are critical details for your Homeowners Insurance. Your premium rate will vary based on these factors, ensuring that you receive tailored Homeowners Insurance coverage that suits your home’s requirements.

 

Type of materials

Construction materials play a big part in determining your Homeowners Insurance cost. If your home is built with durable and resistant materials, your premium rate will probably be lower. In other words, if your home is robust, your Homeowners Insurance will be more affordable.

 

PSIC Homeowners Insurance protects you from several perils such as fires, wind, freezing, and theft, among others. If your home was built with rock-solid materials, let’s say fire-resistant, then it will be more likely to withstand unexpected circumstances.

 

Dog breed

Having a furry family comes with responsibilities, and getting them protected is as important as taking them regularly to the vet. In some states, certain dog breeds are associated with greater liability concerns than others, it may affect your Homeowners Insurance cost.

 

Even though you think your pet won’t ever do anything to anyone, things happen. Imagine your dog accidentally bites someone, causing you medical and legal expenses. If you previously insured your pet with your Homeowners Insurance, those costs will be significantly lower.

 

Deductible

Selecting your Homeowners Insurance deductible is all about balancing cost with comfort. Opt for a higher deductible, and you might see lower premiums, but remember—this means more out-of-pocket expenses when a claim happens. You can read more in Homeowners Insurance Explained or contact an agent who’s ready to help you.

 

Claims history

Your claims history reflects on your policy cost. Meaning, that if you didn’t file any claim in the past years, either with PSIC or another insurer, it can positively influence your premium rate! Why? Your claims history gives us specific data on how your risk side is and what type of coverage you need.

 

Square footage

The size of your home will impact your Homeowners Insurance cost. Meaning, that the size of your home’s rooms, piece of land, and building type must be calculated (length and width) when accessing your Homeowners Insurance to get precise coverage.

 

Imagine your home needs repair or rebuild due to a covered loss, the expenses of the construction materials may be higher or lower depending on your property’s size. By having those spaces previously measured, you can have proper coverage for your home.

 

Roofing

The age, condition, shape, and material of your roof can affect your Homeowners Insurance cost. Your roof is your main protection against perils such as wind, fire, or other hazards. The stronger, reliable, and newer they are, the better for you.

 

You can specify your roof material and shape during the quote process. Once you have your Homeowners Insurance coverage, there may be inspections on your property to ensure the age and condition of the roof qualifies.

 

Coverage

In the end, having insurance means you’re keeping your loved ones, yourself, and your home protected. Yet, finding the right balance between having comprehensive Homeowners Insurance coverage and keeping it affordable, is essential.

 

You can find in Homeowners Insurance Coverage a detailed list of how you can expand your protection and keep your finances safe. Remember that you can always contact a producer for better assistance.

 

Attractive nuisances

When we talk about attractive nuisances we are referring to potentially dangerous conditions or objects in your home that may attract children but pose a risk of harm or injury. A few examples, meant to illustrate alone, are swimming pools, treehouses, hot tubs, and skateboard ramps, among others.

 

This factor recognizes that children, who may be too young to understand a potential danger, may be drawn to these features out of curiosity or fascination and could get hurt. These risks can affect the final cost of your Homeowners Insurance coverage.

 

 

How to Lower Homeowners Insurance?

Simple upgrades and savvy decisions can lead to substantial savings. It’s time to make the most of your Homeowners Insurance!

Remove outdated wiring and plumbing

Replacing old and potentially unsafe electrical wiring, and plumbing pipes with modern, up-to-code alternatives, or repairing an old gazebo or porch will always be a wise choice. These updates also mean you’ll lower the risk of incidents that lead to claims, and potentially reduce insurance costs.

 

Security devices

Investing in security devices is like a safety blanket for both your family and your wallet. When installing a fire and burglar alarm or adding fences to your swimming pool, you’re not only protecting your home and your loved ones, but you could also lower your Homeowners Insurance premium.

 

Increase your deductible

Increasing your deductible is a simple switch that could lead to significant savings on your Homeowners Insurance coverage. It means you are choosing to pay a lower premium, but assuming you’ll pay more, in case you need to file a claim.

 

Contact an agent

The best Homeowners Insurance coverage is the one that suits your needs. When you contact a producer you’ll be able to reach the ideal balance between affordable rates and great protection. They are experts in analyzing your situation, home, and needs and combining them into customized Homeowners Insurance coverage.

 

Check PSIC discounts

Who doesn’t love a good discount? Save money with PSIC and you might have the perfect deal and find what peace of mind actually means. You can learn more about it in Homeowners Insurance Discounts or by contacting an agent.

 

Review your coverage

Tailoring your coverage helps ensure you’re only paying for the protection you genuinely require. Make sure your Homeowners Insurance coverage meets all your requirements, and if you check that it’s up to date regularly, you’ll be saving money, time and living stress-free!

 

Bundle PSIC policies

Save money with PSIC when having 2 or more active policies! That being said, were you thinking about protecting your motorcycle? How about your Second Home? At PSIC we offer a wide range of coverage, ready to suit your needs. Check them out!

 

 

Where Does PSIC Offer Homeowners Insurance?

We currently offer Homeowners Insurance in the states of Arizona, California, Connecticut, and New Jersey. To learn more about how you can customize your policy please select your state and learn more about Homeowners Insurance.

 

We plan to expand our Homeowners Insurance coverage nationwide soon, ensuring all homeowners the benefit of our reliable insurance solutions.