When you’re buying homeowners coverage, you need to understand how the insurance is used and what is protected. That way, you can see if you’re receiving adequate protection for your money. 

Visit a comparison website to see what local insurance companies offer for protection for dwellings in your neighborhood. Where you live and your home’s value are two primary considerations used when determining what you’ll pay.

However, things are not just that cut-and-dried. Insurance companies also look at a host of other factors when quoting homeowner insurance prices. Let’s narrow things down further.

How Rates for Homeowners Insurance in Dallas are Determined

You can go online and enter your zip code and/or address to obtain rates for “homeowners insurance Dallas”, but insurers will look at more than just where you live. They will also consider the following.

• Your home’s replacement cost (If your home is higher-priced, you’ll pay more for coverage.)
• The age of your dwelling (Insurance costs are less for newer homes.)
• A house’s square footage
• The number of residents (More people means more liability.)
• The building material (Brick homes are safer than wood homes.)
• The type of roof (Fire-retardant roofs made of metal or asphalt lower insurance costs.)
• The Public Protection Classification (PPC) – How close your home is to a hydrant, the police, or fire station
• The claim history for your area
• Types of area pets, including dog bite claims
• Your credit score
• Previous claims filed by prior owners, including any claims you’ve filed
• The use of safety items – fire alarm system or deadbolt locks
• Items that increase liability – such as a trampoline or swimming pool

How to Reduce What You’re Paying for Homeowners Insurance

To get the best deal on homeowner’s insurance coverage, you can save money if you do the following:

• Raise your deductible. 
• Bundle your insurance. You can usually save money if you buy your homeowner’s insurance and car insurance, for instance, from the same company.
• Add security devices to your home. You can do this by installing a monitored security and alarm system. Research suggests that you can save as much as 20% on your insurance policy by adding motion-sensing lighting and upgrading locks. It also helps to add security windows and doors.
• Determine Your Home’s Exact Replacement Value. If most of your house’s value is land-based, only focus on the value of the items you’d need to replace. Because insurance covers the replacement value of a property, get an appraisal to make sure you have the exact replacement cost. Don’t insure your house for its purchase price.
• Request a C.L.U.E. report. C.L.U.E. is an acronym that stands for Comprehensive Loss Underwriting Exchange. The report shows if the previous owner filed any claims that were not resolved. This can affect what you pay for insurance. Make sure any mistakes are corrected and that your home is currently claim-free.
• Consider Umbrella Coverage. You can get added liability protection with this affordable insurance add-on. Some insurance companies will lower an owner’s home insurance cost if the owner has this coverage. That is because they’re viewed as being a better risk.
• Install Smart Technology. Add smart home protection products, such as security cameras, carbon monoxide detectors, and thermostats – items you can operate with your smartphone. Doing so can save you about 5% to 20% on what you pay for insurance.

Are You Paying the Best Price for Your Coverage?

Homeowner’s insurance can be expensive, but the above information can help you get the best deal on homeowners insurance Texas. Stay on top of what you pay so you always receive the best rates for your coverage.