At Gilbert Insurance, we are strong believers in educating our clients about insurance. The more informed you are about your insurance coverages, exclusions, rates, and deductibles, the more peace of mind it will give you that you have the optimal protection, at the best price, for your specific property, possessions, and, most important, the people in your life.
For over 65 years, we’ve been sharing our knowledge with homebuyers and homeowners in Reading and throughout the Greater Boston area, and one of the most frequently asked questions we get is, “What will my home insurance cost?”
This is certainly a key question to ask before you make any insurance-buying decisions, not to mention home-buying decisions. It is also a question that your insurance professional should take their time to explain to you because the answer depends on a combination of factors, several of which you actually have some control over.
The Five Factors That Affect Your Home Insurance Rates
While the process insurers use to set your premium can be quite complicated and includes many steps and variables, we’ve managed to boil it down to the five most important factors that will affect your home insurance:
In addition to these five main factors, there are other special circumstances that can affect your home insurance premium. Individuals and families with high value homes or homes in coastal areas, people who have one or more investment properties, and/or homeowners who have many expensive items, like a diamond jewelry collection, a grand piano, or priceless heirlooms, typically require specialized insurance solutions like Coastal Home Insurance, High Value Home Insurance, Investment Property Insurance, or a Scheduled Property Personal Property endorsement , to ensure that their home(s) and belongings are properly protected. While this can often mean a higher insurance premium, when you work with an independent agent, like Gilbert Insurance, we can assist you with finding the right coverage options, at the most affordable prices, to meet your unique needs.
Now that you understand that there are a variety of factors that go into determining your home insurance premium, it hopefully will not come as a surprise that the cost of your insurance will probably fluctuate from year to year. However, even if you experience an increase in your premium, we recommend that you don’t immediately hop online and switch to a less expensive home insurance option. As we’ve shared with you, there is a ton of information about you, your property, and your belongings that should be collected to ensure the replacement value of your home and other important calculations are done accurately.
Whether you’re about to embark on homeownership for the first time and would like help budgeting for home insurance, or you have home insurance already but aren’t sure it’s competitively priced, or you simply want to make sure you have the appropriate home insurance coverage, please contact Gilbert Insurance. We are ready to assist you with our signature combination of great service, price and protection.