Personal possessions covers portable items designed — think handbags and cameras. Lifestyle Guides How much contents insurance do I need? Samantha Mendez 15 September Updated 28 September 4 minute read. Personal liability is coverage that pays if you injure someone through negligence or cause accidental property damage.
Medical payments will pay medical bills for anyone injured on your property, no matter who is at fault. Insurers use a variety of factors to price homeowners insurance rates. Here are some of the most common:.
Your home. But even if your home is new, the materials used to build it will have an impact on your homeowners insurance cost. Where you live is one of the biggest factors in the cost of your home insurance. Details such as how close you live to a coast, crime rates in your neighborhood, how far your home is from a fire department and whether you live somewhere with regular storms or earthquakes all affect your insurance rate.
Your roof. The condition and construction of your roof matters to home insurers. For example, a roof made of asphalt may get you a lower rate because it isn't as flammable as other materials. Certain home upgrades could result in lower homeowners insurance costs — such as upgrading your home to be more energy efficient.
Your dog. If you have a dog that is deemed an aggressive breed, this can increase the cost of your home insurance — or even cause you to be denied coverage. Special features. Swimming pools, trampolines and other " attractive nuisances " can increase the cost of your homeowners insurance as they have a high potential to cause injury.
Your coverage limits. The higher your liability and property coverage limits are, the more you may pay for home insurance. Your deductible. A higher deductible will mean a lower home insurance rate. Just make sure you have enough cash tucked away to pay it if you need to file a claim. Your claims history. Your credit history.
However, if your house is made of different materials, you have to inform your insurer, and this could affect the price of your premium. Whether the house is in a good state of repair Whether your house has had to have its foundation reinforced had any history of flooding, shows any signs of subsidence or has suffered from tree damage may increase the cost of your house insurance.
The government launched their Flood Re scheme in , which can offer cheap insurance for those living in areas at high risk of flood. Read our article on Flood Re for more information. The security of the building Insurers usually look favourably on any increased insurance measures, as they can lower the risk of theft. These include the locks you have on your doors 5 lever mortice deadlocks are standard , the type and number of entrances to the property, whether the windows have locks, and whether or not there is a burglar alarm.
Insurers will also look at how long, if at all, your house is left unoccupied for. If your house is occupied all day and all night, your home insurance premium may be lower than if it is left unoccupied for long stretches of time. Moreover, insurers generally will not be able to insure your property if it is left unoccupied for longer than 30 days, though some will stretch their limit to 60 or 90 days. Check out our article on unoccupied home insurance for more information on this.
This article was written by Bought By Many. We were not paid to write it but we will receive commission if clicking on a link to one of the named insurers results in a reader taking out a policy with that insurer. We also charge for advertising space so a particular insurer may be highlighted in the article and, where insurers are listed, it can dictate where they appear in the list. Why Home Insurance often pays out less than you expect. Best Home Insurance for Bikes and Cyclists.
Find out about home insurance that covers pet damage and liability. Best Home Emergency Insurance. Applications are subject to approval, fees and charges apply. This advice is general and has not taken into account your objectives, financial situation, or needs. It is not personal advice. Consider whether this advice is right for you, having regard to your own objectives, financial situation and needs. You may need financial advice from a suitably qualified adviser.
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