How do insurance companies figure out what your New Jersey homeowners insurance premium would be? Your premium is based on a number of things – some that could harm you, and some that could help you.
The following factors can affect your New Jersey homeowners insurance premium:
- Your Home’s Attributes — The
age, type of structure, wiring, roof, and garage of your home influence your New Jersey
homeowners insurance premiums. Older homes usually cost more to insure, but differ depending on whether your home is made from a brick,
frame, stone or has synthetic siding.
- Your Home’s Location — Where your home is located can influence
your New Jersey homeowners insurance premium. Your home insurance
rate can be affected if you live close to a fire
station, or could be exposed to extreme weather, such as hurricanes, tornadoes or
earthquakes or even if you live in a neighborhood with a theft rate.
- Your Home’s Safety — Having burglar alarm systems, smoke
detectors, fire extinguishers, sprinkler systems and deadbolt locks will
lower your New Jersey homeowners insurance premium.
- Your Personal Attributes — Do you smoke? Smokers may pay more
for home insurance than nonsmokers. Also a good credit history also can lower
what you pay for New Jersey home insurance.
- Your Claims History — If you have a long history of claims on a prior New Jersey homeowners insurance policy, you may pay a higher premium.