House Insurance Comparison: Overview of Factors Affecting Rates and How to Choose a Policy

As with any form of insurance, you are probably interested in getting the best home insurance deal possible. Fortunately, there are tools that allow you to not only search for policies, but also compare home insurance policies with multiple quotes to find the best one for you.

For some homeowners, price is more important than anything else. However, this should not be the case as overall value is more important than cheap rates. Think of both the premium and the deductible. Think about the renovation costs of your home. How much does it cost to replace literally everything, your home and property completely destroyed? The current value of your home and the rebuilding price are not the same. Try to estimate how much you can afford to pay in the worst-case scenario and take this into account when comparing home insurance policies.

Here are some of the factors that affect the insurance quotes you get:

• Construction type and age of the house

• Place

• Creditworthiness

• Own risk

• Certain risk factors (swimming pool, trampoline, aggressive dog breeds, etc…)

• Claim history

• Roofing material

• The yard / terrain / landscape

Older homes are more likely to have something go wrong with electrical wiring, plumbing, HVAC systems, ceiling, and construction in general.

House insurance Comparison of types of coverage

There are certain things that general home insurance does not cover. Make sure you know exactly what is and what is not covered before you make your choice. Sometimes it involves gaps in coverage, where the policyholder thought they were protected, but either had incorrect or insufficient coverage. Such problems can be avoided by carefully reading the terms of any quote you receive.

For example, flood insurance is not always covered in basic policies. If you live in an older home and are concerned about plumbing, or live near a body of water, this is something you’ll definitely want to consider. All it takes is a few inches of water to completely destroy your floor and some of your furniture. Even a small stream can become a raging river if enough rain falls.

Discounts are sometimes available, especially if you install safety and security equipment.

Where can you start comparing home insurance policies? All you have to do is take a look at Lemonade’s unique insurance platform. It even has a neat AI bot that will help you create the perfect insurance policy for you. Get affordable, reasonable rates – especially if you use Lemonade House Insurance discounts.