When you get free home insurance quotes online, you input certain personal details, and out comes some number totally different than what another insurer gave you. That’s because different companies use their own unique algorithms and equations that weigh these factors in another way to determine their online home insurance quotes.
If you’d like to compare home insurance quotes online so as to get the best rate possible, you need to understand these factors. Here are a few of the most important factors insurers take into account when formulating free home insurance quotes.
1. The Age and Construction of the Home.
Homes that were more recently built are likely to have a stronger structure that’s in better shape than older homes, which means that newer homes have lower rates. This includes the home’s electrical wiring, HVAC system, and plumbing. The construction materials also matter, too, because fire-resistant materials like brick or stone will be at less risk for a fire than homes built of flammable materials like wood.
2. Property Risk Factors.
There are also risk factors on the property that can result in higher rates when you get free home insurance quotes. Some insurers won’t extend coverage for these, while others might deny coverage altogether. Such risk factors include guest houses, trampolines, aggressive breeds of dog, and swimming pools.
3. The Home’s Location.
Naturally, a home’s location is also factored in when you get free home insurance quotes. This factor impacts rates in a major way if the home is at risk for wildfires, tornadoes, or other natural disasters, if it’s in a high crime area, if building costs of the area are high, and if there’s a fire station farther than five miles away.
Knowing these factors will help you compare your free home insurance quotes to get the best possible rate and coverage possible. If you have any questions, feel free to ask in the comments. References: insurancefishing.com