Home Insurance Rates

Charles Goodman Group: Friendly Chappaqua Insurance Agent

A home’s value is a significant factor in determining both a home insurance premium and the amount of coverage a homeowner needs; however, many other factors also influence the cost of homeowners insurance. Knowing how premiums are determined can help homeowners find the best price on their insurance policies. Homeowners can consult with a Chappaqua insurance agent to learn more about the exact criteria for determining insurance costs.

One of the biggest factors in determining home insurance rates is the year the home was built. The wear and tear in older homes increases the likelihood of claims. Newer homes are typically in better condition than older residences; they’re also more likely to have updated electrical wiring and plumbing. A home’s construction can also influence the cost of insurance. Homes made of fire-resistant, durable materials such as concrete and brick tend to cost less to insure than homes made of flammable building materials like wood.

Location is another factor that contributes to home insurance rates. Homes situated in high-crime, urban neighborhoods will cost more to insure than homes in rural areas with little crime.

The insurance agent experts at the Charles Goodman Group of Chappaqua can assist you with any questions regarding property insurance or health insurance.

An extremely isolated location may mean higher rates as well because it’s more expensive to insure a home that’s located more than 5 miles from a fire station. Rates will also be higher for homes found in areas prone to natural disasters such as earthquakes and tornadoes.

Certain risk factors on a property can greatly increase homeowners insurance rates. Properties with trampolines, pools or even particular dog breeds are considered high-risk by insurers. Many insurers won’t cover damages related to these risk factors, and some will even deny coverage to a home where these elements exist. A homeowner’s claims history also impacts insurance rates. Individuals with a history of filing frequent claims will pay higher rates than a homeowner with a claim-free past. It’s usually more cost-effective to avoid filing claims for small issues in order to maintain an unblemished claims history.

Even a homeowner’s possessions can increase the cost of home insurance. Riders for valuable items like jewelry will add extra costs to an insurance premium. Be sure that the additional coverage is worth the cost before adding a rider to a policy.

In addition to these common factors, a homeowner’s choice of insurer can greatly influence the cost of a policy. Always compare rates, shop around and do sufficient research before committing to a policy. A reputable insurance broker can explain different insurance options and help homeowners choose the best policies for their needs.