The factors that affect homeowners insurance premiums
As we've already seen, your home's value and where it's located are two of the biggest variables that affect homeowners insurance prices. However, there are a few other factors that can drive your premiums up or down. The type of coverage you choose will impact the price that you pay for homeowners insurance.is typically the most affordable.
instead. With this type of policy, your insurer will pay out what it would cost to repair or rebuild your home in today's dollars. For example, if a tree fell through your house and destroyed your couch, a replacement cost policy would pay whatever it costs to replace the couch. But a cash value policy would only pay what the couch is worth today. And if the couch is several years old, its value could be much less than what you originally paid.
You can expect to pay more for replacement cost coverage, but it may be worth it to protect yourself against coverage gaps that can be caused by depreciation.The deductible you choose: Older homes often require more work to rebuild to modern safety standards, so they can cost more to insure than newer homes.
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