How is my Homeowners insurance premium determined?

How insurance premiums are computed can vary from company to company. However, a majority of insurance companies will use the following criteria when deciding what to charge you for your homeowners insurance.

• Location – Insurance companies will consider the crime rate in your area, how close your home is to a fire department, and the likelihood for weather-related claims.
• Type of construction – Companies will check to see whether your home is made of wood, stucco siding, brick, or stone.
• Age of home – Newer homes can typically qualify for reduced rates. • Amount of coverage – the amount of coverage you purchase on your home, the contents within the home, and the liability limit will all contribute to the cost of your policy.
• Loss valuation – the way your policy will pay for your home in the event of a claim–whether it will pay the actual cash value or the amount it costs to replace the items lost.
• Deductible – how much of a loss you are willing to pay before you insurance begins to chip in. If you have a mortgage on your home, the greatest amount of your deductible will many times be imposed by your lender.

Make sure you have the best rate for you Miami FL Home Insurance with Allstar Direct Insurance & Financial Services today!