• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Rachel Gontkovic - Long & Foster Annapolis

Live the Annapolis Lifestyle

  • Home
  • About Us
  • Listings
  • Testimonials
  • Resources
  • Blog
  • Contact
  • Search Homes
  • Home Evaluation

Seven Impacts to the Cost of Homeowners Insurance

June 22, 2021 by Rachel Gontkovic

Homeowner’s insurance is a non-negotiable. Not only does it protect you if your home is damaged, but it also includes liability insurance if someone is injured at your home. When evaluating the policy, insurance
companies consider multiple items to determine their risk—and your cost. Here are seven things that may affect the amount you pay.

1. Square Footage – First, the size of the home is considered. A larger home would likely cost more to replace if damage occurred. More space also means more furniture, fixtures, personal belongings, and other items that would be replaced in a claim.

2. Layout – The style of the home is another factor in determining replacement costs. A single-story home might have higher foundation and grading costs, whereas a two-story home would need alternative construction methods.

3. Construction Materials – The type of material used to build the structure is important. Wood roofing would cost more to insure against a fire claim, as would a home with expensive travertine floors.

4. Property Age – The assumption is that an older home might have more deterioration than a newer home and this is considered in the replacement cost.

5. Home Features – Homes with extra buildings or pools will be insured at a higher cost than properties without these amenities.

6. Neighborhood – Local crime rates are reviewed to determine the risk to property and personal items.

7. Credit Score – Finally, the insurance company will consider the homeowner’s credit score. Not only does this help them understand if they are at risk for non-payment, but serious credit issues might be a factor in how well a property is maintained.

Homeowner’s insurance is important to every homeowner. Not only is it required by lenders, but it also protects the homeowner against financial disaster in the event of theft, fire, severe weather, and more. Understanding how rates are determined can help you compare options and get the best policy for your home.

Filed Under: Ask the Realtor, First Time Homebuyers, For Buyers Tagged With: annapolis homes, annapolis real estate, annapolis realtor, buying a home, buying tips, first home, home buying tips, insurance, Rachel Frenstos, real estate agent, realtor

More Posts

Gift Ideas for New Homeowners

The Basics of Home EV Charging Stations

5 Low-Cost Tips - Rachel Frentsos

5 Low-Cost Tips to Prepare Your Home for Spring

Choosing an Annapolis Waterfront Home

Primary Sidebar

Sign up for my Newsletter

Annapolis Lifestyle

Waterfront homes in Annapolis Maryland

The Blog

Rachel Frentsos writing a blog article

Recent Posts

  • Where Will You Go If You Sell? You Have Options.
  • What Past Recessions Tell Us About the Housing Market
  • Think Twice Before Waiting for 3% Mortgage Rates
  • Is It Time To Sell Your Second Home?
  • What Experts Are Saying About the 2023 Housing Market

Archives

  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017

Categories

  • Annapolis Lifestyle
  • Ask the Realtor
  • First Time Homebuyers
  • For Buyers
  • For Seller
  • Holiday
  • Home Improvement
  • Home Maintenance
  • Moving Forward with Rachel
  • Resources
  • Uncategorized
February 2023
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728  
« Jan    

Footer

Rachel FrentsosRachel Gontkovic (Frentsos)
Realtor

Connect with Me on:

  • Facebook
  • Instagram
  • LinkedIn
Sign up for my Newsletter

Send Rachel a Message

Copyright © 2023 Rachel Gontkovic (Frentsos), Annapolis Fine Homes - All Rights Reserved

Website images by JLowe Photos unless otherwise indicated.

Site design and hosting by Fischer IT Solutions for Business By Barnhill