Homeowners insurance is designed to protect you from losses or damages to your home or belongings. It’s important to note, though, that not all home insurance quotes and policies are the same. Many homeowners don’t realize that there are a few factors that can affect their insurance rates. The professionals at Somers Agency LLC, located in Lorain, OH, have over a century of experience educating homeowners about the complexities of home insurance.

Today, they’re sharing three things you may not have known will affect the price of homeowners insurance.

Location, Location, Location

The location of your home can have a significant impact on your insurance rates. Here are some of the primary factors:

• Do you have a high crime rate in your neighborhood? Areas with increased crime usually see more insurance claims filed for lost, damaged, and stolen items. But taking preventative steps, such as installing a security system, can help lower your rates.
• Do you live in an area that frequently experiences natural disasters? Places that are susceptible to tornados, floods, and hurricanes often have to pay more for their insurance. 
• How far away is your home from a fire or police department? Homeowners in closer proximity to emergency services can expect to pay slightly lower rates.

Condition Of Your Home

If your home is older or made from more flammable materials, like wood or certain types of siding, you can expect for that to be reflected in your rates. Homeowners with pieces of property that are more likely to be damaged are quoted at a higher price because the likelihood that they’ll need to file a claim is much higher than homeowners with more stable houses. 

Insurance History

Insurance companies will check your background to determine how much they think you should pay. How many claims you’ve filed in the past, as well as the severity of those claims, will affect your rates. The more claims you’ve filed, the higher your rates will be.  In some extreme cases, if you’ve had to submit a severe claim in the last three to five years, you may not even be able to get homeowners insurance.  

If you have questions about your homeowners insurance or are interested in home insurance quotes, contact Somers Agency LLC. Call them at (440) 324-3447 or visit them online for more information.