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Factors in Home Owners Insurance
Factors in Home Owners Insurance

Tuesday, July 17, 2012
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Your home and the price you paid for it obviously affect your homeowners insurance, whether it has hardwood floors or marble, vinyl siding or Spanish tile, all of these factors play a role in your premium.  An agent will ask countless details about your home and personal questions that will play a role in your final insurance rate. I would like to illuminate some of the more surprising factors that also play a role in your rate. 
Pets:  Just as rental units require an extra fee for pets, insurance agents may require proof of pet breed, especially in cases of pets that are considered aggressive or exotic.  If you are moving to the area, make sure that you check city ordinances on pet policies.
Backyard Activities: While a swing set and trampoline may be a child’s dream, they may increase your insurance rate due to the possibility of injury to one of your children or their friends.  Before purchasing a backyard swing set or trampoline, consult your agent and policy to see if some types are better rated than others.
Credit: Your credit rating impacts your homeowners insurance, in that you may be required to carry a higher premium. If you are a credit risk, insurance agents adjust the premium accordingly.
History and Age: While first time home buyers are getting many tax incentives currently, they are also at risk of having higher rates over those who have owned a home before. Conversely, if you are retired and are purchasing a second home or retirement pied-a-terre, you may be entitled to a reduced rate.  Ask your agent if there are programs for your age and ownership bracket.
Where You Are Buying: The most obvious factor in home owners insurance, for Florida especially, is the location of the home and the weather conditions or threats that area holds. For the Florida coastline, we experience Hurricanes in the summer, however insurance companies do offer incentives for upgrades in the home that protect it from bad weather.  Hurricane shutters and impact glass often get reductions, and with refinance rates at record lows, it would be an excellent time to make hurricane resistant precautions, which would save you money on homeowners insurance.  Your agent will be able to provide you with a comprehensive list of improvements that can reduce your rate.
I hope you have found this information useful and informative. If you are looking to purchase a home in Fort Lauderdale or are looking to sell your home, please do not hesitate to call!
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