When dealing with home insurance, many people notice how certain factors or information can change the overall policy.
Whether it increases or cuts down the premiums, there are certain facts that home insurance companies like to look out for. Understanding how this works, and why these companies focus on such information, can give you a better insight into the business.
Furthermore, understanding how and why this works will help you receive the best home insurance, as you can negotiate and discuss your options on an equal footing if you both know where the major problems are.
Age of the Home
This is one of the more common priorities. Simply put, an older house will more likely cost more to insure than an old one. The main reason for this is the choice of materials. More modern materials are designed with safety and structure in mind and older houses simply don’t have these.
Older houses feature the likes of wooden beams and supports, which are an obvious fire hazard. Since an accidental repair is theoretically more expensive in this regard, as well as the potential costs of replacing or repairing damages to match the original quality, the insurance has to cost more to cover this.
Furthermore, listed buildings or historic buildings will often have increased costs. This is because their current standard needs to be maintained where possible, and any repairs often have to be with the same materials to replicate the existing work, similar to a restoration project.
These additional costs are considered heavily by your insurance provider, as they are the ones covering the costs if something goes wrong. This can also go for areas such as the greenbelt and countryside, where the local council have strict rules on your homes appearance.
In summary, there are many factors that indicate home insurance quotes. You may not be able to lower them all, but knowing where the problem lies can often lead to a few solutions to drive down the cost.