When you apply for a homeowner’s insurance policy, your insurer will check your credit rating. So, before you pursue this plan, you will be able to make an appropriate decision when you take a look at your credit reports from the three main credit agencies such as the following:
- Experian (EXPGY)
- Equifax (EFX)
- TransUnion (TRU)
Location of Your Property
Insurance companies are scrupulous when it comes to where your home is situated. They check the condition of the area. For example, if your house is near the shoreline, there’s a possibility that heavy winds or hurricanes can damage your home. On the other hand, the cost of your home insurance premium is lower when you’re near a fire station.
The Age of the House
Another aspect that insurance companies consider when ensuring is the age of the house. Part of the investigation would be checking the status of the elements of your home.
These are the risk factors that could boost the price of your homeowner’s policy:
- Wooden floor: Insurance companies usually render higher insurance cost to structures made of timber because it’s prone to fire.
- Old plumbing: Deteriorating pipes, especially corroded ones will soon lead to leak occurrence that can harm your home’s integrity and poses a health risk.
- Old electrical system: When the insulation has been damaged, it can cause the wire to overheat and increase the risk of fire.
- Old roof: If your home’s roof is not sturdy enough to withstand snow, rain, or heavy winds, expect that your insurance company charges you more for insurance.
One More Thing Before You Go
Be well-informed when buying a new home this year by understanding the information mentioned above. Also, to ensure that you and your family will have peace of mind in your new dwelling, buy the basic home insurance plan from a reliable insurer for your convenience.
At Western Pacific Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at 702-932-3105 or Click Here to request a free quote.