How do you calculate fire premium?

Answer 1

Fire insurance premiums are determined by several factors including the age of the building, use of the building, occupancy, location, fire protection class, construction type, amount of coverage desired, fire and theft security devices and systems, and credit worthiness of the owner in most states. I may have left something out but I think that's it. We used to have to do it hand in the old days but now a computer rates multiple companies in a split second so we can give the client the best rates, service, and choices. As a matter of full disclosure, I own and operate a small Independent Insurance Agency for the past 22 years and worked as an agent for direct writers for 3 years prior to that.