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Ph 480-535-5709

Fax 480-785-4930

Txt 480-878-7715

 600 E Baseline Rd. 

Ste B-3 Tempe, AZ 85283

AZ Insurance Team is an Arizona Insurance Broker offering Home insurance, Auto insurance, Life insurance, and Commercial Insurance in Tempe, Phoenix, Chandler, Gilbert, Mesa, Scottsdale, Ahwatukee, Glendale, and everywhere else in Arizona. We also do insurance in California, Oregon, Washington, Colorado and Texas.

© 2017 by AZ Insurance Team LLC all rights reserved

September 27, 2019

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Why does my Renters Insurance Cost More than my Neighbor’s?

November 27, 2018

 

 

It can be difficult to understand why another renter living in the same community with a similar house or condo may be paying less for insurance than you. However, there are a couple factors that go into how your rates may differ from your neighbor’s.

 

Credit. Insurance companies often build a credit based insurance score to determine their rates on policies. Your credit score is used as a predictive factor for how responsible you are with your money and how likely you are to pay your premiums in full and on time. If your credit is lower than your neighbor’s, you may face paying higher rates for equal coverage.

 

Age and Sex. The younger you are, the higher your insurance rates are likely to be. Women are also cheaper to insure because they are considered less of a risk.

 

Dogs. Some dog breeds are viewed as a risk depending on their reputation to bite or attack. Certain dogs cost more in claims and the higher you seem to cost in claims, the higher your premium will be. Insurance companies are also concerned with a pet’s tendency to cause property damage or any injury to household members or visitors.

 

Location. Insurance companies will take a look at the location of your home relative to the fire station. If your home is victim to a small fire, the difference of even half a mile can make a large impact on how much the fire spreads and how much damage is done. Agencies also factor in weather risk, coastal risk and crime risk which affects the insurance rates of different cities and even neighborhoods.

 

Outside Equipment. If you own a swing set or trampoline, your premiums may be higher because these provide a liability risk for visiting children. There is a very possible risk that your child’s friends could fall off and hurt themselves which you would be liable for.

 

Maintenance Concerns. Your home may have maintenance issues such as loose railings or exposed nails that could impact your premium. Insurance companies are likely to ask questions about your home’s maintenance but they may even schedule an inspection to take place.

 

Need a quote? Give us a call!

AZ Insurance Team
480-535-5709
https://www.azinsuranceteam.com

*All policies are a little different and this may not be applicable to your insurance policy, talk to your agent to see what your policy covers.*

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