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How do insurance companies rank homeowners to determine the amount you pay for home insurance?
Wiki User
∙ 13y ago
Some common rating factors which will differentiate homeowners and the amount they pay for their insurance are:
- Claims History
- Companies will look at the total number of claims and the type to determine if they will even offer coverage at all.
- If coverage is offered and there are a lot of claims, there will probably be a surcharge base on the number and types of losses
- Theft being their most hated type of claim as it is often times the most fraudulent.
- Companies will look at the total number of claims and the type to determine if they will even offer coverage at all.
- Some States allow credit checking - the argument being that somebody who takes care of their financial well-being is more likely to take care of the other areas of their life, as well (I'm not saying I agree, but that is the argument).
- Whether or not you have multiple types of policies for multi-line discounts (i.e. auto insurance & life insurance from the same company you have your home insurance with).
Hope this helps!
Wiki User
∙ 13y ago
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What insurance will cover you for damage to your expensive block driveway for the sudden and accidental spillage of a large amount of oil on your new driveway?
homeowners insurance or renters insurance
Can homeowners insurance cover owners medical bills when hurt in a park?
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Are required to have homeowners insurance on just a credit line?
You will be required to carry insurance to protect any collateral for a loan, no matter how much the amount of the loan.
What insurance companies do not use credit score to figure premiums?
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How much commercial general liability coverage does a homeowners association need?
The amount of commercial general liability coverage a homeowners association needs can vary based on factors such as the size of the association, number of members, and potential risks involved. It is recommended to consult with an insurance professional to assess the specific needs of the homeowners association and determine an appropriate amount of coverage.
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Can your homeowners insurance company raise your coverage amount to whatever they want without your consent?
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How do you get insurance for external damage to homeowners association buildings?
Any damage to the association building can be collected through the tenants of the association. The tenants insurance will pay a limited amount for the repairs.
How much homeowners insurance do you need?
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