How is the insurance premium determined for Homeowner’s Insurance?

How insurance premiums are calculated can be different from company to company. However, most companies will use the following when determining what to charge you for your homeowner’s insurance.

Location
Insurance companies will take into consideration the crime rate in your area, how close your home is to a fire department, and the likelihood for weather-related claims.

Type of constructionWhether your home is made of wood, stucco siding, brick, or stone.

Age of homeNew homes can typically qualify for discounts.

Amount of coverageThe amount of coverage you purchase on your home, the contents of the home, and the liability limit will play a role in the cost of your policy.

Loss valuationHow your policy will pay for your home in the event of a claim, whether it will pay the actual cash value or the amount it costs to replace the items lost.

Deductible
How much of a loss you are willing to pay before you insurance kicks in. If you have a mortgage on your home, the maximum amount of your deductible many times will be dictated by your lender.

Contact Heritage Insurance Agency today for your Moose Jaw Home Insurance policy!