What Makes My Homeowners Insurance Go Up?

What Makes My Homeowners Insurance Go Up?

My friend Olivia asked me, “Is homeowners insurance like car insurance? You know like, if you have a faster car, or it’s the color red, your insurance is higher? Is there anything like that for homeowners insurance?” And the answer is yes. Now, it’s not the same in the respect that if you slap some red paint on your house your premium will go up, but depending on where you buy, you might be required to carry extra coverage.

Extra coverage includes, earth quake insurance, flood insurance and fire insurance, and depending where you buy, the lender might require that extra coverage to protect their investment.

So, If you’re considering purchasing a new home and are now wondering what kinds of insurance might be required for your area, shoot me an e-mail at Scott@GreenMeansGrow.com, and I’ll get back to you with what kinds of insurances might be required and a how that can fit into your mortgage plan.