What Can Affect Your Homeowners Insurance Premium?

Your individualized quote for El Paso home insurance is not found on any kind of static chart that matches your age, home value and deductible information to a set price. Homeowners insurance quotes are specifically created for each customer and are based on the very unique details of your lifestyle and living area. Here’s a taste of what some of the factors contained in your premium pricing consist of:

When your home was built: Older houses are less fortified against natural disasters than newer houses, and are also more costly to repair. Newer houses are constructed to new safety standards and with more durable materials. What does this mean to you? That if you own an older home, you can expect a more expensive homeowners insurance rate.

The construction of your home: Wood frame houses are susceptible to fire in a way that concrete block and brick houses are not. Concrete houses can also stand up to harsher environmental elements. That makes wood frame houses more costly to insure.

The type of dog you have: You might assume your pets have no effect on the rate of your homeowners insurance premium—but then, you’d be wrong. Some breeds of dog are known for their propensity to attack strangers. While your pet might be beautifully trained and accepting of a belly rub from all of your neighbors, if you have one of the higher risk breeds then the status of the breed surpasses Rex’s prior behavior and can result in a higher insurance premium due to heightened liability.

Fire protection options: Smaller towns don’t always possess their own fire station. Instead, they may have a volunteer team to put out the small blazes, with the bigger city department lending a hand to take care of the bigger fires. The type of fire fighting force you have access to in your city will help decide what types of premiums you are charged for your insurance. Additionally, your proximity to a fire hydrant can impact the rates you are charged—with closer proximity rewarded by lower premiums.

Insurance companies need to know all the details when they are assessing your property for homeowners insurance coverage. Each of the specifics above, along with numerous others, come together to create a picture of the total risk you and your family subject the insurance company to. It is this whole picture with both positive and bad points that will define the premium you are charged.

For more information about home insurance, give Pan American Insurance a call at 888-726-3380 today!