What factors does a homeowners insurance company consider?
Published September 23, 2011 | If you’re about to take out homeowners insurance in South Carolina, you may be curious about what insurance companies factor in when preparing a quote and what you’ll be asked.
Insurers first want to know some information about your home to see whether it can be insured. These include the home’s age, the age of its electrical and plumbing systems, the roof type and age, the size of the home, its location, and whether any claims have been recently filed. They may also want to know whether there is a fire department or a fire hydrant nearby.
Your prospective insurer will also want to know about the amount of insurance that you require. They will want to know whether you want to insure for the replacement costs, or the actual cash value of the property and its assets, for example. They will also want to know the level of deductible that you are opting for.
The level of security and safety of the home is also taken into consideration so you’ll be asked whether you have a security system on your home, and if smoke alarms are installed.
Other questions, such as whether you’ve had insurance cancelled or refused may also be asked as they assess the risk factors involved in providing you insurance. They’ll even ask your age – but that’s because many home insurers offer slightly better rates to retired home owners. . Existing policies with the same homeowners insurance provider can also qualify you for a multi-policy discount.
The questions can be many and varied. Have you ever been asked an odd question by an insurer?
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