How to determine the average cost of home insurance
A budget for your home expenses will need to include the average cost of home insurance. The amount you’ll pay for homeowners insurance is based on a combination of factors concerning the insurance type, home characteristics and your personal insurance history.
To help you get a better understanding of what goes into the average cost of home insurance, here are the basics:
Home variables
Several aspects of your home can determine the cost of your homeowners insurance. Some examples of these factors include location, age and condition. Houses in certain areas prone to extreme weather or other potentially damaging conditions pose more risk to the insurer and may incur a higher premium. Similarly, older homes may be more expensive to repair if damaged.
Insurance details
Even among standard insurance policies, you often have choices that can determine your overall cost. These options include:
- Dwelling coverage amount - The portion of your policy that protects the physical structure of your home
- Personal property coverage amount - Protection for the value of your personal belongings, such as clothing, furniture and appliances
- Deductible amount - The deductible amount can determine how much you pay monthly and how much you may need to pay out of pocket for a claim. For example, a higher deductible means a lower premium cost, but a more expensive claim if your home is damaged.
Other factors to consider
There are more factors that can go into your average home insurance cost, such as your credit score and personal claims history. Other factors related to your home and location may have an impact as well. Some examples include home security systems, pools, roof type and proximity to the local fire department.
Discussing with a provider is the best way to find out the exact amount you’ll need to pay in home insurance. The more you learn about your insurance coverage, the better financial decisions you can make in budgeting for your new home.
About the Author
Tina Broyles, DRE 01009212 & NMLS 91630
Headline: Tina Broyles: Your Expert Real Estate Agent for Fremont, San Jose, and the Bay Area | eXp Realty
Bio:
As a dedicated real estate professional and a long-time resident of the California Bay Area, I have been proudly serving the real estate community since 1987. My mission is to provide my clients with unparalleled professionalism, in-depth market knowledge, and a caring approach that has resulted in a business built almost entirely on referrals.
Your Trusted Real Estate Advisor in the Bay Area
I specialize in the vibrant and diverse real estate markets of Fremont, Campbell, San Jose, Saratoga, Cupertino, Sunnyvale, Morgan Hill, Santa Clara, Mountain View, and Milpitas, CA. With over three decades of experience, I have a deep understanding of these communities and can provide you with the insights you need to make informed decisions.
One of the most consistent compliments I receive from clients is about my responsiveness to their needs. Your goals are my top priority, and I am committed to being there for you every step of the way. I am honored to have been voted "Best of Milpitas" every year from 2000 to 2020, a testament to my dedication to my clients and my community.
About My Business: eXp Realty
As part of the innovative eXp Realty team, I bring a diverse set of skills and a commitment to excellence to every transaction. We leverage cutting-edge technology that is "beyond expectation" to provide you with a seamless and efficient real estate experience. My team and I offer the perfect balance of experience and professionalism to help you achieve your real estate dreams in the Bay Area.
Community Involvement
I believe in giving back to the community that has given me so much. I am a happily married mother of two and a proud grandmother to two beautiful granddaughters, Audrina and Chesney. In my free time, I enjoy golfing, exercising, and my weekly Bible study. I am also passionate about serving the homeless community in Milpitas and supporting our local businesses.
I would be honored to get to know you and your family and put my extensive real estate experience to work for you.
Credentials:
