The value and age of your property will affect the cost of insurance. A lower replacement value will reduce your home insurance premiums. However, if this amount is too low, you may not have enough coverage to replace or rebuild your home.
A home insurance policy is designed to include coverages for your personal property subject to the home insurance policy limits. The higher the value of personal property to be insured, the higher the insurance premiums will be.
While you don’t need to consent to credit scoring to obtain an insurance quotation, most insurers provide significant discounts where you have good credit. A poor credit score will not increase your premium, but a good score could reduce it by up to 40% at most insurers.
Low deductibles drive premiums up significantly. Insurance is designed to cover significant financial losses and does not work well for small, “nuisance” type claims. Higher deductibles will usually pay for themselves over a few years by reducing your premiums.
Claims history for the property and for the insured will affect pricing. Prior claims, especially numerous small claims or claims caused by the same peril will negatively affect your premiums
The claims philosophy of the insurer will affect pricing. Does your insurer emphasize best practices when managing claims? Or do they provide just basic administrative claims service.
The breadth of water coverages is increasingly important in insurance pricing now, companies with more robust coverages will rarely be the cheapest option.
Loss mitigation efforts can make significant differences in premiums, such as monitored alarms, sewer backup preventers, automatic water shutoffs, automatic generators, and sump pumps.
Overland Water Coverage is designed to protect against damage caused when above groundwater enters a home through the foundation, basement floors or walls, or through a sewer line. It covers damage caused by freshwater floods such as the overflow of a river, lake, or other body of water. This coverage is very important to consider if you live in a flood zone. The sudden and accidental accumulation of water due to heavy rainfall is also covered.
There are many considerations to factor in when purchasing insurance. Considering a claims scenario at the purchasing stage of insurance is often overlooked. However, this is an important consideration so you are not surprised when a claim does occur. Some common questions you should be asking:
You can call or email us and our FCA brokers will discuss your personal circumstances with you and will obtain the information to ensure your property and possessions are properly covered. We use insurer-approved valuation methods to ensure accurate insuring of the rebuilding cost of your home, this is crucial to ensure that Guaranteed Rebuilding Cost is provided in the event of a claim.
We will review your particular concerns and ensure coverages are offered for your unique situation. We will suggest coverages to consider and explain the coverages to you so that you can be confident you have insurance that protects you properly. We will help you find the most effective solution.
FCA Insurance Brokers has an important obligation to our clients – protection. We only deal with the financially strongest insurers to ensure that policy obligations are met. Our obligation is to you, the client, and we must ensure that your insurer will pay the claims they are obligated to pay. We only work with insurers that provide strong policy wordings, flexible underwriting, and client-centered claims philosophies.
Laura does the work to get us the best prices with the best coverage. Her yearly renewal visit is comprehensive to say the least, but when she leaves, we all understand the exact nature of each and every policy our business has.
Helen is super nice, knowledgeable, and quick. Our new policy is saving us $700/year, for a plan that’s actually better than the one our previous broker arranged.
Jamie and his team have been great to deal with, providing transparent advice and excellent service!