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Home Insurance Costs and Rating Factors
Various factors determine the cost of your homeowner’s policy, including the type of policy you choose, how much insurance you carry and the size of your deductible. The construction of your home or apartment is also a factor, due to certain buildings being more fire-resistant than others. Additionally, your local access to fire protection and geographical location are considered when you apply for coverage.
Reducing Your Premium and Expenses
The simplest way to pay less for home insurance is to sign up for a policy with a higher deductible, or increase the deductible on your current plan. A deductible is the agreed amount by which, in the event of a covered loss or damage, the insurer lowers the loss payment.
Larger deductible amounts result in lower premium rates, as a general rule of thumb. It is recommended for cost savings to choose your deductible at a level you can afford, which will lower your premium while still providing protection from substantial losses.
You may also be eligible for lower premiums if your bungalow is equipped with protections such as:
- Burglar alarm
- Smoke detector
- Fire alarm
- Storm shutters
- Hurricane-resistant glass and doors
Call City Insurance by Superior Insurance with your Homeowners Coverage questions!
We would be happy to assist you with quotes and help you insure your home.