Homeowner’s Insurance

What Affects Your Premium?

Factors that can affect my Premium

Strong’s Insurance can provide a quote for your home or your rental but do you know what factors affect the premium you pay?   The following are factors that affect your home insurance premium.  Do you have a few minutes?  Check out the video to see an overview of these factors.

  1. Construction features:
    • Home’s age. Older homes can often be more expensive to insure.
    • Types of construction: Frame, Brick, Stone.
    • Age of roof.
  2. Location:
    • Distance from the fire station.
    • Exposure to extreme weather, such as tornados and hail.
  3. Protective Devices
    • Burglar alarm systems, smoke detectors, deadbolt locks can lower your homeowner’s insurance premiums.
  4. Personal Factors:
    • A good credit history can lower what you pay for home insurance. What does my credit have to do with me getting insurance?  The bottom line is insurance actuaries compare credit score against claim histories.  What they see is that there is a correlation (not a cause) between lower credit scores and higher than normal claim frequency.
    • Smokers may pay more for home insurance than nonsmokers.
  5. Claim history:
    • Claims history can make you pay a higher premium. The length of time a claim shows on a report varies but averages between three and five years.

Strong’s Insurance is an independent insurance agency, this means we represent many insurance companies.  Strong’s can compare discounts and coverages with multiple companies for your insurance needs.  Contact us today for an insurance review.


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