Insurance rates—how are they even calculated? It can be complicated, but it all comes down to an algorithm that takes many variables into account. If keeping your rates as low possible is your number one concern, you need to know about these five factors that can affect your bottom line.
1. The age and condition of your house.
This is one of the most obvious factors and also one of the biggest. The age of your house and the wiring, pipes, roof, lumber, square footage, and even how many corners it has all play a role in the price of your insurance.
It comes down to the risk associated with the house and the costs that come with repair or replacement. For example, if your home was built in 1920, it may have old pipes and wiring that aren’t up to code. These materials come with a much higher risk of damage or fire, so the insurance companies will charge more to insure it.
Bob Abner is a highly respected, top producing, full time, Realtor for over 30 years and is an expert in the Northern Kentucky real estate market. Give Bob a call at 859-760-1660 or email Bob at BAbner@huff.com
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