Premiums: Doing the Math
Right about now, you’re probably wondering how your insurance company knows what to bill you. And more importantly, is there anything you can do to lower your premiums?
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Dozens of factors go into determining your premium, including: the age of your home, materials used in its construction, its size, location, number of rooms, overall condition, number of residents, and location. And that’s just a partial list. Even the weather is a determinant. All these factors are based on a simple premise: The future can be predicted by looking at past claims, and determining the likelihood of their recurrence. If you live on a coastline, for example, and the homes in your area routinely suffer damage from wind and salt in the air, you’re going to pay the price.
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You can save money on your premiums by equipping your home with an alarm system, smoke detectors, and deadbolt locks. If you’re moving, look for a home near a fire station or hydrant. You can also save by asking for a higher deductible, or purchasing your homeowner insurance policy from the same company that supplies your auto or life insurance. And finally, quit smoking: smoking accounts for 23,000 home fires every year, and your homeowner insurance company may lower your premium if you are a smoke-free household. Might as well save some cash while you’re taking care of your lungs.
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