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Home Insurance FAQ

Home Insurance FAQs
  • What is the average monthly cost for homeowners insurance?
    The average monthly cost for insurance will depend on the type of property you are using. The premium will be different for a renters policy that covers your personal property vs. a homeowners policy that covers both the dwelling and personal property.
  • How much is a typical homeowners insurance policy?
    A typical insurance policy can cost as little as $500 ranging to several thousand dollars. Homeowners insurance rates are calculated using many factors, such as the amount of insurance, the age of the dwelling, age and type of roof, the location and other things such as the applicants credit history.
  • Who has the cheapest home insurance?
    It is difficult to say who has the cheapest home insurance. Most companies offer policies that are replacement cost or actual cash value. The actual cost of your policy will be determined by what type of policy you want and other factors.
  • What is the best home insurance?
    The best home insurance is a policy that is replacement cost coverage on both the dwelling and personal property. Choose a deductible that is right for you. Most companies require a 1% deductible or higher.
  • How can I lower my homeowners insurance?
    There are a few things you can do to lower you homeowners insurance. If you credit score is low you should look at ways you can improve that score. A higher deductible will definitely lower your premium as well as changing to a policy that is not replacement cost. Installing a new roof should also help lower your insurance premium on a dwelling.
  • How home insurance is calculated?
    Homeowners insurance rates are calculated using many factors, such as the age of the dwelling, age and type of roof, the location and other things such as the applicants credit history.
  • Does paying off mortgage affect house insurance?
    Paying off mortgage does not affect the cost of your insurance, but it will remove the mortgagee from any claim payment you might receive. Paying off a mortgage could also mean that you will need to pay the annual premium, as there will no longer be an escrow account for that purpose.
  • Why is my home insurance quote so high?
    Your home insurance could be high if you live in a rural or unprotected area, or you home and roof are older. A low deductible such as $250 or $500 could cause you to have a higher premium. A larger deductible such as 1 or 2 % of the dwelling insured amount will lower you premium.
  • Does credit score affect home insurance?
    The answer is yes since most insurance companies use your credit as part of rating to determine you IBS score.

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