7 Factors Affecting Your Homeowners Insurance Rates in New Hampshire
Ever wonder what dictates the rate you’re being charged for NH home insurance? There are many factors – some more well known than others. Every insurance company rates differently, but here are some aspects your insurer could be taking into consideration.
Your carrier may use any of these 7 items when calculating your homeowners insurance rates in NH :
- Marital Status. History shows married couples are less likely to file a claim. That means a married couple might get a lower rate than a single homeowner.
- Dog Breed . Certain dog breeds are considered more dangerous and more likely to injure someone on your property. Your home’s liability insurance may cost more if you own a dog of a particular breed.
- Age and Type of Roof. Newer and certain types of roofs hold up longer and protect your home better. That means that if you have an older roof or a roof of a certain material, your home could cost more to insure.
- Age and Structure of Home. Older homes and those built with certain materials are typically harder and/or more expensive to replace. The age of your home could result in a higher rate.
- Distance to Nearest Fire Station. The closer your home is to a fire station, the quicker they can get to you in an emergency. So if you live close to a fire station (or fire hydrant), your premium may be lower.
- Property Amenities. Pools, hot tubs, and trampolines all raise the likelihood of someone getting injured on your property. Some insurance companies will raise the amount you’re charged for liability insurance on your home if you own items of this nature. Others may not even insure you.
- Claims History. Studies show the more claims you’ve filed in the past, the more likely you are to file new claims in the future. The cost of previous claims is also important. The claim history on your home is probably one of the most likely rating factors your insurer is taking into consideration.
The deductible amount, replacement cost, and liability limit on your policy also play a part in your premium rate. These factors differ from others because you have some control over them when setting up your policy.
Remember, every insurance company rates differently so your insurer may not look at all of these factors and could be considering others not mentioned. To learn more about rating factors, contact us.
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Different carriers may calculate your rates more favorably – based on the factors they consider. Use our form to submit your quote request and see if better pricing and coverage options are available!