How is my Homeowners’ insurance premium determined?

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.

• 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.
• Age of home: new homes can typically qualify for discounts.
• 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.

Continue reading "How is my Homeowners’ insurance premium determined?" or contact us at 763-241-7900 to learn more about Minnesota Homeowners Insurance.