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Home insurance is a must, learn about key factors that impact home insurance cost and rates

Key Factors that Impact Home Insurance Cost and Rates

When purchasing a new home, home insurance is a must and is often required by a mortgage lender. To protect your investment, it’s important to understand how various factors can influence your home insurance cost. We save customers an average of $693 per year on auto and home insurance. See what working with SelectQuote could save you.

Five Reasons Why Home Insurance Rates Differ

Where You Live

The city and state in which you live can often play a role in your home insurance rates. For example, someone living at high-altitude could have much different coverage requirements than someone living at sea level. Rates can be determined by the likelihood of claims based on similar homes in your area or region. Home insurance policies also consider population, crime rates, weather patterns and your proximity to public services such as fire or police departments.

Find the best home insurance in your state below:


Your Home

Thinking about the story The Three Little Pigs, the materials used to build your home really do make a difference. For example, a brick house might be less to insure because of the lower risk of fire damage. Further, the age and quality of a home’s structure could also impact your home insurance rate. Homes lacking up-to-date safety measures could require higher premiums to insure.

Your Credit Score

You can’t be denied home insurance because of bad credit, but you could benefit from a discount if your credit score is in good standing. Individuals with a credit score of 700 and above are typically deemed a “good credit risk.” This means you’ve demonstrated your ability to pay bills on time, are likely to repay borrowed money in a timely manner and are less likely to need to file a claim. All of this will make it less expensive to acquire the home insurance coverage you need.

Your Previous Claims

Claims are comparable to dings in a car door. The first one is not very noticeable, but the more you have, the more concerned one might be. As a rule, it’s always a good idea to rely on insurance for larger, more catastrophic claims and take care of the smaller issues to the best of your ability. Keep in mind that prior claims may “follow” you to a new home or even another state.

Your Deductible Amount

A deductible is what you pay before your insurance coverage kicks in and insurance companies consider those who are willing to pay a higher deductible to be less of a risk to insure. Paying more upfront could also lower your premium. If choosing a higher deductible, consider creating an emergency fund so you’re prepared when you need to pay your deductible.

Shopping for Home Insurance

Although an online price comparison tool can be helpful, a process that gets you a plan based on too little information upfront could end up costing you more in the long run. In just minutes, we can help you find the right home insurance at a price that fits your budget, saving you the hassle of sifting through and sorting out all the fine print.

Types of Home Coverage

Within a homeowners insurance policy, the following categories can help ensure your home and assets are adequately protected.

  • Dwelling coverage
  • Personal property coverage
  • Liability coverage
  • Coverage for other structures
  • Deductibles
  • Policy Sub-limits

Compare Prices and Save Money on Home Insurance

Finding the best homeowners insurance at a price that suits your budget is easier than ever with SelectQuote. We can streamline the shopping process, comparing rates of many of our most trusted insurance carriers in just minutes.

Common Insurance Rate Questions

Q: What level of liability protection do I need?

A: The level of liability protection you need will be different from person-to-person. Let us help you determine what coverage will be best for you and your home.

Q: Which losses aren’t covered by my homeowners policy?

A: The answer depends on many factors, but we can go through specific examples of losses not covered by a standard homeowners policy and help you determine the best homeowners insurance for you. Get started on your free quote today.

Q: How can I save on my monthly premium?

A: Home insurance rates and associated monthly premiums are unique to each policyholder. Examples of opportunities for discounts include having no claims, using an alarm system, completing your annual payment in full, increasing your deductible and bundling your home insurance and auto insurance policies. Learn more about your opportunity for insurance discounts.

Q: How do I find the cheapest home insurance?

A: To find the most affordable home insurance available to you at the best price, you simply have to shop around. Comparing coverage and rates from multiple carriers can be time-consuming and, oftentimes, confusing, but SelectQuote can do it for you. We can compare coverage and rates from some of the most trusted insurance companies in just minutes.

We do the shopping. You do the saving.