Homeowner’s insurance is designed to restore your home and personal possessions in the event of an unexpected loss. There are several types of insurance policies offered by different companies, but not all coverage is the same. It is essential to review every option so you can make the most informed decision possible. At Insurance Land in Orlando, FL, we have been serving clients for more than 35 years. Learn more about what affects the price of homeowners insurance premiums below. 

Coverage Amount 

An important factor that impacts your premium is the amount of coverage you choose. A policy may cover the structure of the home as well as the structures attached to it, like a garage or deck. You may want to purchase additional coverage for even greater protection. For instance, a traditional homeowner’s insurance policy can payout for damages caused by fire and lightning strikes. However, a separate policy can cover other natural disasters such as earthquakes and floods. 

Home Value 

Many factors determine the value of your home, such as the condition, age, and size of your property as well as the value of nearby properties. For example, older houses typically cost more to insure. However, if many houses sold in your area went for well over the asking price, your home’s value may increase. Features and characteristics like the structure of the house may increase or decrease the property value as well. When getting a quote from Insurance Land in Orlando, we will ask you a few questions to get a better idea of your home’s worth. 

Home Location

Home insurance premiums are also affected by location. Properties located near good schools or fire stations may have a different premium than those in neighborhoods prone to theft and extreme weather like hurricanes. However, you may be able to lower your Florida homeowners insurance premium by choosing to invest in protective devices like burglar alarm systems, fire extinguishers, and smoke detectors. Ask your local agent in Central Florida how you can take positive steps towards lowering your premium. 

Claims History 

Filing a previous claim may result in a higher premium at a later date. If you make a second claim within a short amount of time – such as five years – this may raise your rates even higher. The type of claim you make will raise premiums more than others, like theft, vandalism, and widespread catastrophes. Once they are raised, they will remain that way temporarily, but it is up to an experienced and skilled agent to guide you through the process. 

Contact Insurance Land 

Get a homeowners insurance quote online as early as today. Our agents will help you understand what type of coverage you need and walk you through the process. Insurance Land offers policies for your home and other properties. If you would like to purchase a plan that offers the right amount of protection, reach out to one of our team members today. We hope to be a provider you can always count on.