What determines the cost of my homeowners insurance policy?

There are several factors that will determine the price of your policy. At Cato Insurance Group, we will ask you many questions about your home such as:

  • When was your home built?
  • What kind of roof do you have? (hip, gable, mansard etc. with tile, metal or shingle)
  • Do you have a pool?
  • Do you own a pet?

Other factors that are considered are:

  • Claim history
  • Continuous coverage
  • Coverage limits on the dwelling and personal property
  • The deductibles: the higher deductible the lower the premium, but that increases your out-of-pocket expenses. In Florida, there are two deductibles. One for hurricane and one for all other perils.
  • Credits and discounts: The most common credit is for wind mitigation which can represent a substantial┬ásavings on the premium. Discounts are given for monitored alarms for burglar and fire.

Have questions? Please call the insurance experts at Cato Insurance Group at 1-888-775-CATO (2286).

2016-12-12T19:27:44+00:00December 30th, 2015|Homeowners Insurance, Latest News|Comments Off on What determines the cost of my homeowners insurance policy?