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WHY IS MY INSURANCE MORE EXPENSIVE THAN MY NEIGHBOR WHEN WE HAVE THE SAME HOUSE?

WHY IS MY INSURANCE MORE EXPENSIVE THAN MY NEIGHBOR?


Many people know that their insurance premiums are based on the individual property and person that owns the car or home. However, it may be very frustrating to find out that someone living on your street is paying a different price than you. After all, you live on the same  street and have the same home model that appraised at approximately the same value. Stop there, there’s more to a Chandler home insurance policy or Chandler auto policy than the house or car value and neighborhood. Stover Strong Insurance Brokers wants you to understand the facts that we have to share.

Multiple Factors

When you reside in Chandler, AZ,  you will obviously have certain things in common with your neighbors BUT you also have many things that are different. Your insurance premium is based on many personal variables and covers many things other than just the costs of car or house. Your house insurance is not just to cover the structure and the grounds, it also cover your personal belongings and some with theft limitations. Therefore, the more items you have of higher value the higher the insurance cost will be depending on how you have your valuables protected. In addition, you may not have the SAME home insurance policy as your neighbor or the selected added coverage endorsements that your neighbor might not have. 

Home insurance will also cover things in your home like the fixtures, which is important if you’ve had anything remodeled. Let's say you did some remodeling of bathrooms and kitchen. If you put in upgraded counters, flooring and all new kitchen appliances, you’ll need a STRONGER insurance policy in case there is damage from a covered loss. In addition, your home insurance covers your lifestyle choices as well so if you have kids that babysit you will need a good liability coverage. If you are someone with a high net worth, you will want a liability umbrella policy to cover your assets. 

There are many items that are considered in the melting pot of variables that have an effect on your overall insurance cost or premium. Some of these factors are how long you have lived at your current address; how long you have been with your current insurance carrier (the longer the better); your credit and overall payment history to companies, not just insurance; driving record for auto insurance; discounts that apply to you such as college degree, home alarm system; age of roof/water heater/ac unit; claims history; and much more. Frequent glass claims on your auto insurance can have a negative effect on your auto insurance with many insurance companies. When you add all these together, you get your individual insurance rate.

You Need your Policy Reviewed

There are so many individual variables that are considered when your agent is putting together the best insurance package for your Chandler home or auto insurance. We are your insurance advisors and advocate here at STOVER STRONG INSURANCE BROKERS and we get all the details from you to make sure you have the STRONGEST insurance package that meets all your needs. It takes some effort to run through a auto insurance and homeowner's insurance policy, but we can tell you that it’s worth the time to review things. If you’re wondering if you have enough coverage or if you want to know what you can do to change your premium, Stover Strong Insurance Brokers can help. We ask all the important questions to set up the best plan for you so there’s nothing missing on your plan. If you’re in Chandler, AZ and looking for a knowledgeable insurance advisor that really takes care of their clients, give us a call.