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"Acuity" and its logo are registered trademarks of Acuity, A Mutual Insurance Company. All coverages are underwritten by Acuity, A Mutual Insurance Company with the exception of personal automobile coverage in the state of Texas, which is offered by Acuity TX MGA, Inc. and underwritten by Home State County Mutual Insurance Company. Home State County Mutual Insurance Company is not an affiliate of any Acuity company.
Information and coverage descriptions on this site are general in nature. Actual coverage depends on the policy. Nothing on this site alters the terms or conditions of any of our policies. Supplementary coverage options may be added to an insurance policy for an additional cost where applicable. See your agent for more information. Product and features are subject to underwriting criteria and may not be available in all states. Discounts may not apply to all coverages.
FAQs
The cost of homeowners and tenants insurance depends on a number of factors including:
- location, age and type of building.
- use of building (residence and/or commercial)
- proximity of fire protection services.
- choice of deductibles.
- availability of any premium discounts.
- scope and amount of insurance coverage.
What are 7 factors that will decide how much your auto insurance premium is? ›
Common rating factors include age, location, driving history, credit score, and more. Put simply, the less risky your rating factors are, the cheaper your car insurance policy will be. Some auto insurance rating factors — such as driving record or vehicle type — have relatively sizeable impacts on car insurance costs.
What is the most important factor that influences homeowners insurance premiums? ›
1. Your Location. When determining your rate, insurance companies assess your perceived risk—or the likelihood that you'll file a future insurance claim. If you live in an area that's prone to adverse weather events, you'll likely pay more than a homeowner who doesn't have those risk factors.
What are homeowners insurance premiums heavily influenced by? ›
Your home's location, age, structural elements and the coverage levels you choose affect your home insurance premium, along with other factors. Florida has the highest average home insurance rates at $5,533 for $300K in dwelling coverage.
Why did my home insurance go up so much? ›
Increasing construction costs and labor shortages play a role, too. “To help pay for these higher costs, insurers have increased policy premiums on homeowners in both high- and low-risk areas,” says Pat Howard, a home insurance expert at Policygenius.
What are the factors that affect insurance premiums? ›
Common factors include:
- Driving record. ...
- Garaging of the vehicle. ...
- Gender and age of drivers. ...
- Marital status. ...
- Prior insurance coverage. ...
- Miles driven and use of vehicle. ...
- Make and Model of vehicle. ...
- Licensed drivers in your household.
What are 5 factors that are used to determine the cost of insurance premiums? ›
Five factors that affect your auto insurance payment are how often you pay your premium, your vehicle, your driving history, your credit history and your state's coverage requirements. Insurance companies use most of these factors to determine how likely you are to file a claim and thus how risky you are to insure.
Which of the following has the greatest impact on home insurance premiums? ›
Location The geographical location of your home is perhaps one of the most significant factors influencing your insurance premium. Insurance companies consider various aspects of your location, including weather risks, crime rates, and proximity to emergency services like fire stations.
Which of the following is not a factor affecting home insurance prices? ›
Final answer: The value of personal property does not typically affect homeowner's insurance premiums unless additional coverage for valuable items is purchased. Important factors that do affect premiums include the home's location, construction type, and the limits of liability chosen.
What are home insurance premiums based on? ›
The cost of a homeowners insurance premium depends on your provider, policy, location, and credit history, among other factors. You can save money on your premium by increasing your deductible, bundling multiple policies, or even switching insurers.
Final answer: The distance of the home from a fire hydrant will not impact homeowners insurance premiums due to various risk factors affecting insurance rates.
What factors impact the cost and coverage of insurance? ›
Your limits and deductibles
Your deductible — the amount you agree to pay before your insurance kicks in to help pay for a covered loss — also plays a role in the amount of your premium. Generally, you may find that setting a higher deductible means you'll pay less for your policy.
How is the cost of homeowners insurance determined? ›
The price range is due to multiple factors that affect homeowners insurance rates, including location, claims history, coverage limits, and your home's characteristics. Explore Progressive's editorial standards for Answers articles to find out why you can trust the insurance information you find here.
What two factors affect the cost of insurance premiums? ›
- Age. The primary factor affecting the cost of life insurance premiums is the your age. ...
- Gender. Gender is also a significant factor in the price of life insurance. ...
- Smoking. Smoking puts you at a higher risk for many health problems. ...
- Health. ...
- Lifestyle. ...
- Family Medical History. ...
- Driving Record.
What factor determines the cost of your insurance? ›
Some factors that may affect your auto insurance premiums are your car, your driving habits, demographic factors and the coverages, limits and deductibles you choose.