{"id":1088,"date":"2020-07-12T17:47:31","date_gmt":"2020-07-12T17:47:31","guid":{"rendered":"http:\/\/www.unitedfinances.com\/blog\/?p=1088"},"modified":"2020-07-12T17:47:31","modified_gmt":"2020-07-12T17:47:31","slug":"how-is-homeowners-insurance-calculated-a-simple-guide","status":"publish","type":"post","link":"https:\/\/www.unitedfinances.com\/blog\/how-is-homeowners-insurance-calculated-a-simple-guide\/","title":{"rendered":"How Is Homeowners Insurance Calculated? A Simple Guide"},"content":{"rendered":"

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Home Insurance. Everybody’s favorite topic, right?<\/span><\/p>\n

Probably not, but the fact of the matter is: it’s part of adulting. So stop crying about it.<\/span><\/p>\n

The weird thing, though, is it’s one of those things that everybody has but nobody knows anything about. The only thing people do know is: when I get a house, I should get insurance.<\/span><\/p>\n

The people that probably know the most about it are the ones that had to make a claim.<\/span><\/p>\n

Home insurance<\/span><\/a> is an everyday part of our lives, and we pay the premium every month. But how is homeowners insurance calculated?<\/span><\/p>\n

Let’s find out, shall we?<\/span><\/p>\n

What Affects Your Rate<\/span><\/p>\n

Most people know enough about homeowners insurance to know that it depends on the state you live in. But what you didn’t know is that more than that goes into it.<\/span><\/p>\n

The state you live in is just the beginning. In addition to location, insurance actuaries(the people that calculate insurance premiums) look at the location within your state, the condition of the house, and personal factors like marital status, credit score.<\/span><\/p>\n

On top of evaluating the person obtaining the insurance, actuaries also take into account any discounts or deductibles, and the type of coverage plan you’re looking to purchase.<\/span><\/p>\n

Types of Plans<\/span><\/p>\n

There are a number of different types of plans to choose from when you’re shopping for home insurance:<\/span><\/p>\n