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Home Insurance Rates


If you have not bought a home insurance policy, you are living on the edge. This is because in majority of the cases, buying a home is the main investment of a lifetime. And it is important that you secure this investment. For similar reasons, you have to opt for home insurance. There are few aspects that you need to take into account when you buy home insurance policy and that is the home insurance rate.
It is not very difficult to get home insurance rates. And once you have found a good one, you can settle for the same. Prior to shelling out your hard earned cash, it is important to identify how much coverage you need to protect the investment of your lifetime.
Home insurance rates are the rates which decide how much your home insurance premium should be.
Factors that affect home insurance rates
One of the main factors that determine your home insurance rates is how risky you are to deal with. When a home insurance provider is offering you coverage, he needs to ascertain how safe his investment is.
If you are staying in an area where the crime rate is high and you want to insure your home, you cannot expect to pay lower premium. Let us find out some of the factors that affect your home insurance rates.
  • Location of your house
If you are staying in an area which is away from the fire station, you will have to pay higher premium. This also implies that if you want to insure your home in a rural area, you will have to pay more as premium as compared to a house that requires to be insured in a city and one which is closer to a fire station.
  • Property value
In assessing the value of the property, you will be required to deduct the cost of the land. The home insurance coverage will include replacement cost as per the prevailing market price of the building only.
  • Contents of the house
The home insurance rates for the contents of the house are calculated taking into account the value of the contents at 50%.
  • Size of the household
If there are fewer members in the household (single unit household), your home insurance premium will attract lower home insurance rates. This is in sharp comparison to a household where many people reside.
In addition to the above factors there are many other factors that will affect home insurance rates. They include the following –
  • Age
  • Liability limits
  • History of previous claims etc
Getting home insurance rates online
Getting home insurance rates has never been this easy. You can get home insurance rates online. You need to fill an online form requesting for a quote. Once you get the home insurance quote, you can select the one that is best for you. Remember asking for an online home insurance quote doesn’t make you committed to a home insurance provider.