Why are flood insurance rates the same but home insurance rates vary by company? T.D. Daschell

T.D.,

Flood insurance rates are determined by the National Flood Insurance Program and are generally the same across the board. Home Insurance rates, however, are determined by independent insurance carriers and are calculated differently from one company to the next.  For example, some insurance carriers use a homeowners credit score to help determine their rate.  Also, most companies use your insurance history to determine what your claims history has been. Other factors include where your home is located, whether or not you have safety alarms/systems, the breeds of dog you own (if any), etc.

It’s best to ask the agent quoting you about your rate.  Often times there are discounts available that you may qualify for.  Read our brief list of home insurance discounts and see if you may eligible for saving some extra money on your home insurance.

Your Agent@HomeInsurance.com