Personal Factors Impact Home Insurance Premiums

Individuals in Lafayette, CO may be surprised to realize that personal factors will impact home insurance premiums. While people may wonder how their own personal qualities impact home insurance, the fact remains that insurance companies take every factor into account when calculating a home insurance rate. Make sure to take steps to minimize personal considerations that lead to higher home insurance premiums.

First of all, many people don’t know that smoking will lead to higher insurance premiums. While this might seem unfair, the fact is that a cigarette is an open flame. Cigarettes in the home lead to a higher risk of the house catching fire. This can lead to a large claim being filed against the home insurance policy that an insurance company is on the hook for. Insurance companies adjust their premiums accordingly because anyone who smokes has a higher chance of burning their house down.

Next, a good credit score can lead to much lower insurance premiums. Anyone with a good credit score has demonstrated that they have a history of paying their bills, such as their insurance costs, on time. This means the company can rely on the customer to pay their insurance payments on time. The company rewards fiscal responsibility with a lower insurance rate.

Finally, people who have a history of filing insurance claims will be forced to pay higher insurance premiums. Companies know that people who have filed a claim in the past have a greater chance of filing a claim in the future. Therefore, insurance companies will hedge their risks by charging these individuals a higher home insurance rate. Make sure to only file insurance claims when necessary. If the deductible is more costly than the actual repair, home owners should pay for the repair themselves.

When it comes to the residents of Lafayette, CO, ensure that nobody is paying more for home insurance than they must. Take steps to control personal factors that will lead to higher home insurance premiums. Contact 1st American Insurance Agency today.


What is Covered by Standard Auto Insurance?

In Colorado, by law, you have to have auto insurance if you own and operate a vehicle. Making sure you have the legal amount of required coverage is imperative to remaining on the right side of the law. In Lafayette, CO, you may be looking for standard auto insurance but you may not know what that means. Use this guide from 1st American Insurance Agency so you know what you are looking for and can ensure you are meeting state minimums.

Liability Coverage

For most standard auto insurance policies, you will have two types of liability coverage: property damage and bodily injury. Property damage protection can protect you if you are found to be at fault for an accident. It will pay for damage on your vehicle as well as the other individual’s vehicle. Bodily injury will also protect you and your assets if you are found to be at fault for an accident but it helps pay for bodily harm for yourself or the other injured party involved.

Coverage Minimums

You will also find that most standard auto insurance policies in the state will cover at least the minimum required by law. However, this is not always the case so you should make sure that you have the minimum on your policy. The minimums in the state are $25,000/$50,000/$15,000. This means that there needs to be a minimum coverage of $25,000 bodily injury per person and $50,000 per accident. Additionally, there must be coverage for $15,000 for property damage on another person’s vehicle. This coverage should also provide you with coverage for a legal defense in case you need one as a result of an accident.

In Lafayette, CO, it is important to always have the minimum coverage required by law. You can opt for additional coverage but make sure the policy you get at least has these basics covered. Contact 1st American Insurance Agency for more information today or for a ffree quote.