FACTORS THAT AFFECT NJ HOMEOWNERS INSURANCE PREMIUMS
Certain factors have an effect on your homeowners insurance premium. These factors make filing a claim more likely, and they range from the condition of your home to your financial standing. When pursuing lower premiums in Homeowners Insurance, eliminating or reducing these considerations is essential. Bogle Agency Insurance works to offer the best Homeowners Insurance coverage to NJ homeowners, with top carriers, and at the most affordable cost. Below we offer some factors that may affect NJ Homeowners Insurance premiums.
Common Factors That Affect Homeowners Insurance Cost
Some factors that determine the premium on your Homeowners Insurance are:
Deductible – This is the amount of money you pay on a claim before the policy coverage takes over. Deductibles are meant to induce homeowners to take good care of the condition of their property. Although a higher deductible means a lower premium, this should not necessarily be the only consideration when purchasing Homeowners Insurance.
Replacement Cost – This is the amount it would take to rebuild your house. Additions and renovations might make the house more comfortable and more desirable for resale, they also make replacement cost higher. This means the insurance company would have to pay out more in the event of a loss, and in turn would make your premium higher.
Condition of the house – The condition of the house you are insuring is a consideration in Homeowners Insurance coverage. Damage to a part of the house, like a roof or foundation, is taken into account by insurance companies when determining the premium amount. To avoid costly claims in the future, damage should be repaired. Some companies will deny coverage if there is serious damage to the roof or foundation of a house.
Pets – Hard to believe, but some pets can make Homeowners Insurance cost more. Certain breeds of dogs are considered more dangerous to the public than others. Although this probably doesn’t apply to your dog, statistical analysis indicates this to be a factor in insurance premiums.
Proximity to a Fire Station – When determining premiums for Homeowners Insurance, carriers consider the travel time from the nearest fire station to your house. Fire claims make up a large part of property claims. The distance from a fire station to your house could make the difference between a total loss and only minor damage.
Credit History – Regarding the determination of insurance rates, your credit history is a factor. This is in the interest of reducing fraudulent claims.
Manage Risk And Keep Insurance Costs Lower
Working at lowering the risk of an insurance claim can help reduce premium cost. Being aware of risk problems and trying to alleviate them can lower Homeowners Insurance premiums.
Bogle Agency Insurance offers Homeowners Insurance to Bergen and Morris County NJ and surrounding area families. Our agents are experienced in the many facets of Homeowners Insurance and can help educate you about the potential risks that will raise your Homeowners Insurance cost. It is our goal to offer the best insurance coverage for the most affordable price. If you are in need of Homeowners Insurance, call us at (201) 939-1076 and talk with one of our knowledgeable agents.
