Every homeowner wants to make sure that their family stays protected. A home is an investment worth hundreds of thousands of dollars. To protect your family and investment, you’re going to need real estate insurance. However, a novice homeowner may not know the first thing about dealing with a Real Estate Insurance Provider in Topeka KS. Those novice owners should consider the following facts when it comes to insurance.
Banks Care About Your Credit
Looking at a person’s credit history is like peeking into their financial life. Higher credit scores, such as those that are 700 or above, will have the advantage of receiving lower interest rates and lower premiums. Statistically speaking, homeowners with lower credit scores are more likely to file insurance claims, which is something insurance companies fear.
Interest Rates Can Be Affected By Claims
Homeowners understand that, with real estate insurance, they should be able to file a claim whenever their home has suffered a significant amount of damage. However, owners might want to think twice when it comes filing a claim with a real estate insurance provider in Topeka KS. Again, based on statistics, a homeowner who files a claim, is likely to file a number of subsequent claims in the future. To protect themselves from more possible claims, insurance companies will often increase an owner’s rates.
Providers Consider Past Claims
In some cases, it might be impossible for a homeowner to escape an increase in insurance rates. Why? It’s possible that claims made by a previous owner can affect the rates of a current owner. Insurance companies keep records of home insurance claims for up to seven years. That being said, if your newly bought home has been labeled as a high-risk property, you might have to automatically pay more for your monthly premiums.
Speak with one of the members from Brier Payne Meade Insurance to learn about the various other factors affecting your insurance rates. Again, your credit score can be used to predict the likelihood of you being a risk to an insurance company. Also, remember that the more claims you make, the higher your insurance rates will be. Lastly, a buyer might want to do a little research into a home before making a purchase. A home’s history could also lead to higher rates.
