- Posted By steve
- 5 years ago
Home and Auto insurance premiums go up and down based on many variables. Nearly too many to list in one post. There are some that are in your control and others that aren’t (and a few that are sort of in your control).
- Your insurance score (based in part on your credit score- This one is in your control, and can have HUGE impacts on your premium. We’re talking thousands of dollars annually in some cases. Improve your credit/insurance score and you will see a difference in your insurance premiums.
- Your location (zip code)- This one is sort of in your control. Broadly speaking, zip codes in areas with higher percentages of weather claims will have higher insurance costs.
- Age of house- Again, this sort in your control. Newer homes and COMPLETELY refurbished homes get the best rates.
- Size of the house- This will have a direct impact on the insured value of the home (which directly impacts rates)
- Age of roof- This can have huge impacts on premium and eligibility. Newer roofs in TX get the best rates.
- Combining your insurance with one company- The biggest discount most companies offer is the home and auto discount. You should always try and keep the home and auto together first when possible.
- Age of HVAC/heating system- If you get a new system, let your insurance company know, there’s a good chance your premium will reduce.
- Number of claims- This is an obvious one, but what it not so obvious is that multiple claim in a 3-5 year window will have a multiplier effect on renewal premiums.
- Large weather events from the recent past (effect everyone’s rates)- This is not always intuitive, but when major storms effect large areas, higher premiums will usually follow 18-24 months after.
- Married or single- Typically married couples will get better rates than single individuals
- What’s going on in the stock market- many companies invest premiums and rates can be affected by the returns on their investments
Rates fluctuate based on these and other factors and can change drastically (up or down) year over year. To help you have solid coverage and competitive pricing, we recommend working with a good independent agent that can offer multiple solutions for your insurance.