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Why Is My Home Insurance So Much More Than The Guy Down The Street

Texans love to talk. Especially about how good we are at something or how great a deal we got on something. When you live in the BEST STATE, having pride is just a natural thing. This also plays into home insurance. Say what? When you get a great deal, you tell your neighbor about it. Like I said, we have pride in accomplishments. The neighbor says I want some of that too and gives Insurance For Texan a call. Invariably, the neighbor gets a totally different price quoted on their home insurance than their neighbor. And then begins to question everything. So why is the price for home insurance on one house so much different than the guy down the street?Why Is My Home Insurance So Much More Than The Guy Down The Street

The first thing that we need to realize is that quoting a home in Texas is a process that involves many variables. And each variable is going to have an effect on the price of the policy. Some of these variables have a much larger effect than others, but all of them can change the price for the good or bad compared to that neighbor. Let's look at a few of the big ones.

Five Biggest Factors That Can Impact Price For Texas Home Insurance

  • Age Of Home - Let's face it. The older something is, the more likely it is to break down. Homes in Texas are no different. Given that, the older your home the more you can expect to pay for insurance.
  • Age Of Roof - In North Texas especially, hail storms make a mess of insurance. The insurance companies know that the newer your shingles are, the less likely you are to suffer a catastrophic loss from hail. The little stuff just doesn't matter so much any more.
  • Prior Claims - The smart folks who do the deep math to determine rates know that statistically speaking, if you have had claims recently you are more likely to have them in the future. Therefore, home insurance can cost more. Big or small, the claims will definitely have an effect on price.
  • Credit - No insurance agent likes to say it out loud, but your credit score can absolutely have an impact on your price for home insurance. The companies will pull what is known as an insurance score to determine your pricing. It is a combination of factors like credit score and claim history. Credit is a major driver of this score and will change the pricing. We may not like it, but it's there.
  • "Package Business" - You often hear people refer to bundling their policies to get the best price. The phenomenon of creating a package set of business makes the insurance company happy because it allows them to diversify their risk. As a result, you will often see much better pricing for packaging home and auto together. If you've got boats and other items, that can help as well!

Those five factors can swing wildly from one house to the next and will have an impact on the price that is quoted to you for your Ft Worth home insurance. When you put those together with any potential discounts, you can see the price of home insurance change by large margins. We get that the answer isn't sexy, but it's the truth. Let Insurance For Texans find out if you're paying too much. Hit the button below to start that process.

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