You might think that the only factors in the cost of your homeowners insurance are the cost to rebuild your home and the coverages chosen, but other factors go into rating a policy.
Credit History
Most insurance companies will look at your credit score as one of many ways of rating risk. When checking your credit score, it’s what’s called a “soft hit.” There is no request for new credit, so your credit score is not affected, but insurance companies have found a correlation between credit and risk when looking at a broad sample, so many do check this. Those with higher credit scores often pay lower rates for insurance.
Claims History
If you’ve had a recent homeowners insurance claim, or sometimes even a renters insurance claim, this can affect your rates. In some cases, it may even make the risk ineligible. After enough time passes though, old claims are old news and don’t have an effect on your rate or eligibility anymore.
The Length of Time Insured
It’s tempting to shop around when we receive our insurance bill in the mail, but the length of time that we are insured with the same insurer can be a rating factor. Some insurers will give a lower rate to those who have been with the same company for a long time.
The math behind the scenes that goes into rating a policy can be complex and can be affected by many unseen factors. The good news is that we can help to guide you through the process and to find every discount available to you.
Finally
If you would to like to discuss your options for homeowners insurance please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:30 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.
