The cost of your home is far more than just the cost of the house itself. From taxes to utility bills, any homeowner knows that there are far more pieces to the puzzle than just his or her mortgage. Whether you’re buying a home for the first time or the tenth, you are likely surveying all the pieces of the puzzle and visualizing how they will fit together. If you want to slide the home insurance piece snugly into place, look no further!
If you’d like to save this piece for later and just skip to some actual estimates, give us a call at (813) 685-9393 or fill out the form on this page.
Location, Location, Location!
It can be a heartbreaking moment to fall in love with a home… and then learn that the flood insurance would shatter your budget. In the same way that location plays a large role in determining the price of the home itself, it also plays a major role in determining your insurance payment.
In general, the following factors will drive your insurance costs up:
- Densely populated neighborhood
- High crime area
- Far away from fire hydrants and/or fire station
- Location vulnerable to natural disasters or severe weather
Please note that floods, earthquakes, and mudslides aren’t usually covered by regular home insurance. If any of these risks apply, you will need an additional policy!
Certain Characteristics of a Home Affect Premiums
Now that we’ve covered the location, the next consideration is the home itself. First and foremost, your home’s value will have a major impact on the premium. If your home is destroyed in a fire or other covered disaster, your home insurance will pay to rebuild it. This is called dwelling coverage. Dwelling coverage can generally be calculated by multiplying the home’s square footage by local construction costs.
There are also a variety of other characteristics that come into play when it comes to insurance premium calculations. These often include:
- Age of your roof
- Type of your roof
- Whether you have impact-resistant roofing
- Your home’s electrical system (circuit breakers are usually less than fuse boxes)
There’s Also Protection for Personal Items & Liability
Of course, your home is more than just your house! The vast majority of homeowners insurance policies include protection for your furniture and personal belongings. They also include liability in case someone is injured on your property.
Don’t forget that the things you love may require a little more coverage! This includes items like swimming pools, hot tubs, and trampolines, as well as certain breeds of furry friends.
Your Credit Score Also Affects Your Home Insurance
Remember, insurance is all about assessing risk! This means that your credit score will impact your home insurance premium as well. The better your score, the lower your premium will be.
Past claims can also affect what that final number is going to be. If you’ve made a number of insurance claims in the past, you will appear more likely to make a claim in the future. That said, insurance is meant to be used when you need it. This should never defer you from making a claim, as an experienced insurance agent (link to contact or about us) will be able to find you the best price.
How to Discount Your Home Insurance Premium in Florida
Speaking of finding the best price, there are certain actions you can take to decrease the amount you’ll pay for coverage. One of these is bundling your home and car insurance, which can lower your premium up to an impressive 20%. Of course, the exact savings depend on your provider and other considerations, but it is often a good idea. We are happy to advise as to whether or not bundling would be the best idea for you!
Insurance discounts are also typically a great idea! Some providers offer 5% off of premiums for having a smoke detector and some also grant a discount of up to 15% for home alarm systems. Please note that figures are estimates that depend on state and provider. If you’re here in Brandon, FL (or anywhere in Florida!) we will use our extensive knowledge of Florida insurance to find any available discounts for you.
If you’ve ever put together one of those 500-piece puzzles, you already know it’s faster and more efficient with a partner and a strategy!
The insurance experts here at Charles D. Talley Jr Insurance, Inc are ready to help protect your masterpiece with the best coverage for the best price. With over 35 years of experience, we are proud to say we’ve had client after client say, “We didn’t know THIS level of coverage existed at THIS low of a price.”
Want to see if we can do the same for you? Give us a call at (813) 685-9393.