CONTENTS
​Intro to Home Insurance Essentials
Your Homeowner's Insurance Policy
The Condition of Your Property
What Are Some Considerations Insurance Company Look At
Two Important Reasons to Keep your Home in Good Condition
What Are The Most Common Small Claims
Conclusion

Intro to Home Insurance Essentials

In this article, "Home Insurance: What Are the Essential Factors You Need To Know that Can Affect Home Insurance?" we briefly cover topics including: Your Homeowner's Insurance Policy; The Condition of Your Property; What Are Some Considerations Insurance Company Look At; Two Important Reasons to Keep your Home in Good Condition; and What Are The Most Common Small Claims in Maintenance-Related Issues.

Your Homeowner's Insurance Policy

Your homeowner's insurance policy would depend on many essential factors, such as size, value, climate and the weather characteristics of your geographic area, and several other factors.

​Generally, there are many important points that could affect your insurance rates.

The Condition of Your Property

As a homeowner, you need to know how your property's condition can affect your insurance.

Depending on your circumstances, you could also avail of certain discounts.

There are several elements that come into play - that would help in determining the amount of insurance premium for your home.

What Are Some Considerations Insurance Company Look At

When an insurance company looks at a residential property, it usually looks at the type of insurance policy and insurance coverage suitable to your particular situation.

It primarily evaluates the type of dwelling you have.

Is it a single detached home or a multi-family home?

Is it a rental residential property?

Is it an apartment or condominium?

In addition, an insurance company also assesses the foundation and the construction type of your home, the property size, the age of the home and the geographic area or neighbourhood.

Your record of insurance claims, if any, will also affect your home insurance premium.

Other factors to consider when insuring your home include heating systems, electrical systems, roofing and plumbing.

Two Important Reasons to Keep your Home in Good Condition

There are two important reasons to keep your home in good condition when it comes to homeowner's insurance premiums. ​

The first reason is that insurance companies review and look into a combination of factors about the properties they insure. 

If your property is in need of repair, make sure that you plan to resolve all the necessary repair and maintenance-related problems promptly even before applying for home insurance.

Make sure that you hire a licensed professional to do the repair work.

The second good reason to manage and look after your property is to prevent claims. Homeowners should never think of a home insurance policy as a maintenance agreement with the insurance company. 

Insurance companies know that maintenance issues often lead to a larger claim down the road. 

Insurance is a product that you need to have to help you financially through certain unfortunate events outlined in the insurance policy.

Making a series of small claims can have negative impact on your insurance record.

What Are The Most Common Small Claims 

Most small claims that are maintenance-related are usually water damage claims. 

A roof that is in poor condition will begin to leak, causing interior water damages. 

In some cases, a roof will have a history of leaking after a particularly heavy snowfall when ice builds up on the eaves. 

If this sounds like a condition you may have, be sure to have a roofer inspect your roof and make recommendations for preventative maintenance.

Conclusion

A home is one of the largest investments that most people make, so it makes sense for you to pay attention to your property in the best way possible.

Not only that you will prevent needless damage to your property, but you will prevent home insurance claims as well.

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