The four things that will affect your homeowners insurance rate the most are:
- Your “insurance score” which is a combination of your credit, stability and other factors that influence the overall score. Every insurance company uses their own algorithms to determine their company’s score and no insurance company will disclose their algorithm, its proprietary information that they feel will give them the best customers. One thing that will help the insurance score is to factor in a spouse or cosigner on the loan. An insurance company’s inquiry into your credit to obtain the insurance score WILL NOT lower your score or affect your credit. All insurance companies use an insurance score to determine the cost of your homeowners insurance.
- Insurance scores and homeowners policy renewals. One way to lower your homeowners insurance premium at renewal is to request that your agent “rescore” your policy at renewal. If your score has improved, your rate will improve.
- Home Characteristics such as the age, size, whether the home is brick or frame, number of stories, etc., all make a difference in the rate.
- Age of the roof. To qualify for the best Utah homeowners insurance rates the age of the roof must be less than 20 years old and in good condition. Insurance companies will use the age of the roof as both an eligibility factor and pricing factor. For example, if your roof is 21+ years old you may not be eligible for insurance with certain companies. And if your roof is brand new, you may qualify for a discount with other companies. The newer the roof = the lower your homeowners insurance.
- The location of the home. Technology, GPS and sophisticated maps have enabled the insurance companies to be more precise in their pricing. Homes that are in high wind areas may pay a little more and homes in high fire risk areas may pay a lot more. Recent wildfires in the states that surround Utah have the insurance companies very concerned so homes in high fire score areas will much more than inc years past.
There are many other factors used to determine the price of a homeowners policy like home security systems, water sensors, and even the breed of a dog in the household.
For the best homeowners insurance rates in Utah, click or call for a knowledgeable Anderson Insurance Group agent today.