Insurance companies take into consideration two important factors while evaluating the risk assessment of an applicant for homeowners’ insurance. These factors include the chances of loss that can happen and the amount that the insurance company needs to pay out.

Chances of loss occurring on a property increase or decrease depending on various associated factors. These include the location of the property, age of the property, size of the property, renovation time, increasing construction costs, type of construction material, presence of security systems and safety features, and also the credit history of the homeowner. Insurance costs are also affected if the house is located in an area where the risk of natural disasters is high.

Different factors affecting the amount required by the insurance company to payout include insurance deductibles, type of policy and any endorsements associated with the policy. An insurance deductible is the amount that is paid by the insure in case of an accident or incident, after which the insurance company pays the remaining amount. The insurance premium is higher if the insurance deductibles are low and vice versa.

Give yourself peace of mind with a HOMEOWNER or HOUSEHOLDER policy from Standard Alliance Insurance Plc and be sure of an access to a rewarding life. Visit any of our branch offices nearest to you or send a mail request to [email protected] to get your policy today.