Top 5 Factors Affecting Home Insurance Premiums

1. Top 5 Factors Affecting Home Insurance Premiums Getting your house insured is the most important thing to do, if you wish to avail enhanced protection against threats, natural disasters, and other crucial incidents that may end up losing your precious household items. Availing home cover plans is must in Singapore to ensure that you recover everything that may get compromised in an event of theft, burglary, natural disaster, and other unfortunate accidents. If you have one, then the most important thing that must be keeping you annoyed is - why you are paying more to cover your home? Read the sections below to know about what all the insurance company would consider while determining your home assurance premiums: 1.Keeps a Track of Incidents in Your Area Home insurance companies keep a statistics on claims that have been made across the province to ensure that they are charging you right amount of premiums. They have a detailed record of every theft, fire accidents, and storms or disastersthat are being recorded to calculate the premium rates. Homes that are located in regions having track of break-ins or sewer backups have greater chances of paying up higher premiums than others. 2.Heat Elements Most of the Singaporean homes have greater chances of having oil and wood- burning heat coming in contact to their homes, thus, they have greater risks of fire accidents. In case, your home is located in the same region, then you will require paying more for insurance as compared to people with homes that are opposed togas, forced-air, or electric heat. It is always better to have term life insurance plans, medical insurance plans, and other insurance plans to ensure that you and your family stays safe of any such accident. 3.Roof Warranty and Damage Most of the home insurance companies consider weather-related and home construction information to ensure that the charge you rightly. Researchers have proven records for stating that most of the home insurance claims are filed because of the roof damage. Some factors affecting this parameter are - age of the roof, maintenance, warranty and quality of construction, construction year, and others.

2. 4.Location and Distance from the Area of Aid Basically, the distance of your home from water and fire halls helps in deciding the premium of your home insurance plan. It is important to consider that the closer your house is to firefighting aids, the lower the insurance premium you will pay. Since a little delay in getting hydrants and fire halls can enhance the extent of fire damage, the closer it is, the better the response time will be. 5.Size of Your House It is agreeable to understand that if you own a multi-storey house and have more stuff than an average household, then you will be end up paying more premiums. If your home catches fire or experiences any damage due to natural calamity, then it is obvious to understand that it will take more cost to rebuild, replace or repair.The larger the area or floors will be, the higher the insurance premium would get.