What's impacting your insurance premium?

​Have you ever wondered what factors could impact your insurance premium? Aside from the obvious, like accidents or past mishaps, there are several reasons why your annual or semi-annual premium could be more than expected.

Credit
Your credit score could impact your insurance premium or the percentage of premium the insurance carrier may ask you to put down to take out a policy. Most carriers will run a soft credit pull before a policy is written, which allows them to gauge how well you manage lines of credit. This “soft pull” won’t impact your credit score, however, so you don’t need to worry when getting a quote for a new policy.
 
Claims
Most people are aware that claims, especially in auto insurance, can negatively impact your insurance premium. When you file a claim, you may be deemed a higher risk by future carriers. The same can be true regarding homeowners insurance – and some carriers may require your policy to be written in a different, more costly form if you have claims like water damage or fire in previous few years.
 
Age
If you’re looking at homeowners insurance, the age of your home, roof, plumbing, HVAC, etc., can all have impacts on your premium. The older the home, the older the risk, and you could see a higher premium for a home built in 1980 than a home built in 2015. Your auto premium could also be a bit higher if you are looking for full coverage on a dated vehicle as opposed to a newer one which may include more safety features, in turn eliminating some level of risk.
 
Overall, there are many reasons why your insurance premiums could jump, and in Florida specifically, where there is an influx of out-of-state drivers, under or uninsured motorists, and a high rate of accidents, your rate will likely be higher than other states. The good news is that things like claims and accidents should drop off your insurance report in 3-5 years and will no longer impact your rate. At Leigh Insurance Agency, we are in the business of protecting you and your family, while also finding a rate that won’t break the bank. With dozens of carriers, we’d love to take a look at your policy to be sure you’re covered at the lowest cost. Give us a call today at 904-826-0799, or stop by our office at 1797 Old Moultrie Road, Suite 111, St. Augustine, FL 32084.