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Homeowners Insurance Estimate Possible With Home Insurance Calculator

By Mike Heuer

When looking to buy a new home, there are several ways to get a good home insurance estimate by using one of several free, reputable sites that don’t sell insurance but do provide a homeowners insurance calculator. Realtor sites and online estimation sites like this one can provide consumers with the tools they need to obtain accurate estimates on the insurance coverage it will take to protect their homes.

A homeowners insurance estimate can vary greatly for identical homes depending on many factors, including location, proximity to the nearest fire station and whether or not the community in which it is located is gated and patrolled regularly by local police and security guards. Other factors include the age of the home, the age of the owners, the home’s net worth and the tolerance the owner has to risk. A risk tolerance essentially is how much of a deductible “risk” the homeowner is willing to accept to keep rates as low as possible by having a larger deductible amount.

The age of the homeowner can impact the cost of insurance due to insurers regarding younger people as a higher risk than older people. The older a homeowners is, the less likely he or she is to leave the home and the more attention to possible problems arising, or so insurers say. That means an elderly couple is more likely to have lower rates that younger people, and homeowners insurance calculators will weight the age factor to help provide a homeowners insurance estimate.

Other factors to be weighed include the number of corners a home has. The reason the number of corners a home has can impact insurance costs is due to the fact the more corners it has, the more efforts and materials are needed to rebuilt it. A square or rectangular home with four corners is a relatively simple project for most builders. But one with 10 or more corners represents a much greater challenge and, therefore, higher rebuilding costs if it is damaged or destroyed. A good home insurance calculator and help estimate the rebuilding cost partly based on the number of corners and provide an accurate home insurance estimate.

Localized risks also are weighed when assessing risk potential. Parts of California are especially prone to earthquake damage while some locales are more prone to volcanic eruption, windstorm damage or damages from the weight of snow, ice or sleet, for example. Obtaining an accurate homeowners insurance estimate requires weighing all such factors when using a home insurance calculator.

The type of home also will be factored when estimating insurance costs. A condominium will be much less to insure than a single family home, and renters insurance is cheaper still. Assessing the type of home as well as its use can make a great difference in insurance costs.

Using a quality home insurance calculator means it is easier to determine if a homeowners insurance estimate is a good bargain or if it is higher than it should be and more searching is necessary to find a truly good value.