Insurance premium can be calculated differently from insurance company to insurance company, however, a majority of companies will use the following when determining what to charge you for your
homeowner’s insurance.
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Location: insurance companies will take into consideration how close your home is to a fire department, the crime rate in your area and the likelihood for weather-related claims.
- Type of construction: whether your home is made of stucco siding, brick, wood or stone.
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Age of home: new homes can typically qualify for discounts.
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Amount of coverage: the amount of coverage you purchase on your home, the contents of the home, and the liability limit will play a role in the cost of your policy.
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Loss valuation: how your policy will pay for your home in the event of a claim, whether it will pay the actual cash value or the amount it costs to replace the items lost.
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Deductible: how much of a loss you are willing to pay before you insurance kicks in. If you have a mortgage on your home, the maximum amount of your deductible many times will be dictated by your lender.
To learn more about Minnesota Homeowners Insurance contact us 763-241-7900 or get a Home Insurance quote .