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Wetzel Insurance Agency Blog

All You Ever Wanted to Know About Insurance

7 Factors that Can Affect your Home Insurance Rates

  1. Security: Having a security system in your home can mean discounts on home insurance as well as giving you added peace of mind. Simply having deadbolt locks on your doors will lower your rates as well. Keep in mind that living in an area with a higher crime rate may have certain claims, like robberies, occur more often. Rates would be higher in these areas that have more risk. 

  1. Attractive Nuisances: Some items that you may have in your backyard such as swimming pools or trampolines could increase your home insurance premiums. Whether you (as the homeowner) gave them permission to use them or not, you may be liable for any injuries that may occur 

  1. Location: Like previously stated, being in an area with higher crime can affect your rates. Another part of location would be what type of natural disasters are happening around you. If your home is in an area where tornadoes occur more frequently, expect to pay more for home insurance coverage. Flooding is another issue that people have in our area. If your home is in a low-lying area and floods often, your separate flood insurance policy rates could be higher than normal. 

  1. Home Construction: Going along with natural disasters, if your home is not prepared for bad weather, it could cost you. Make sure your home is built to withstand those different elements like heavy rain, heavy wind, and hail. This can save you money from repairing your home as well as save money on your home insurance. Remodeling and making improvements to your house is another factor that not everyone thinks about when it comes to insurance. When value is added to your home, make sure you are getting the appropriate coverage to cover the new add-ons. 

  1. Man's Best Friend: Lots of insurers will offer limited or no coverage at all when it comes to having certain dog breeds. Dogs such as German shepherds, Siberian Huskies, rottweilers, great danes, and pit bulls are considered aggressive and could raise your home insurance rates. Luckily, at Wetzel we can choose between lots of different home insurance products and some companies do not go by the breed of dog but by their bite records if they have one. 

  1. Multiple Claims: Those who are insured and have made multiple claims in the past are viewed as risky customers for insurers, so this can lead to higher premiums on your home insurance. There is greater possibility that they could drop your policy or not renew it at all. 

  1. Personal Property: Most homeowners have valuables in their home, but if you are someone who has a lot of expensive items, you are going to want more Personal Property coverage for them. As always, be sure to keep a list of what valuable items you have, their prices, a picture if possible, and keep the list somewhere safe. 

If you have questions about any of these home insurance factors, need to verify something, or want to make a change on your policy, don't hesitate to give us a call!