Major factors that determine home insurance rates in Illinois

Homeowners insurance rates are not the same for everyone. Two homes located right next to each other could have different insurance rates. The varying rates are due to the different factors that are used to determine what a homeowner pays for their insurance policy.

While there are dozens of different factors that will increase or decrease insurance rates for homeowners, there are several major factors that are taken into consideration. The following are some major factors insurance companies use to determine homeowners insurance rates.

The Location of the Home

Where the home is located can play a huge role in the rates a homeowner will receive for a homeowners insurance policy. Insurance companies may look into the following statistics to determine rates:

·         Current crime rate

·         Susceptibility to natural disasters – forest fires, tornados, and floods

·         Proximity to a fire station

The Age and Condition of the Home

Many insurance companies will consider a newer home to be safer and less of a risk to insure than an older home. This is why many insurance companies will ask homeowners how old their home is and/or various questions regarding the condition of the home.

Some of the factors that may be taken into consideration include:

·         Age of the plumbing system

·         Age of the roof

·         Materials used to build the home – fire resistant, bricks, or stone

·         Condition of the HVAC system

Possible Risk Factors Located In or Around the Home

Homes with certain features, such as pools or guest homes, often require more insurance coverage than homes without these features. Insurance companies will often inquire about what types of features are located in or around a home to determine their risk fact and create an insurance quote.

Some possible items that can increase insurance rates include:

·         Swimming pools – indoor and out

·         Additional guest homes

·         Certain pets – aggressive dogs

·         Trampolines

These are just some of the many factors that can influence homeowners insurance rates in Illinois. Contact you Bob Korvas agent to discuss your current housing situation and to find/compare insurance quotes on various homeowners insurance policies.

Affordable Car Insurance Plans in Morton Grove, IL

Car insurance premiums make up a significant part of the cost of ownership for your car, so understanding ways to cut the cost down in Morton Grove, IL gives you a way to keep your expenses low. Car insurance terminology can be confusing if you aren’t well versed in it, but learning what everything means is your way of getting the lowest premiums possible.

One way to cut down on the amount you pay for your car insurance is to get the lowest amount of coverage that Illinois requires, although this leaves you vulnerable to paying out of pocket for your own repair costs and not being covered if you suffer losses due to theft and other options. Another option for reducing the amount you pay is to add on additional cars to your policy, such as your spouse’s. Multi-policy discounts represent a significant discount on your car insurance.

You may also want to look into insurance options that cover occasional use cars. If you only use your car on a seasonable basis, or lightly due to college or other reasons, talk to your insurance company about reducing your coverage during the active times. This helps you cut down your overall costs.

Insurance companies offer discounts based on the safety rating of your car. If you have a newer car that holds up better in wrecks, your premium won’t be as high. In addition, the company may offer discounts for safe driving records while you’ve been with the company. Consider asking the company about other options for discounts, or exploring your insurance provider choices through a free online quote system.