Getting Home Insurance in Louisville
Homeowner’s insurance in Louisville protects against financial loss in the event of structural and/or property damage due to perils such as fire, severe weather, and burglary, or in the event that a claim or lawsuit is brought against the policy holder for the accidental injury to another person or damage to another’s property. In the event that a peril renders a home uninhabitable, homeowner’s insurance will also cover additional costs your take on for temporary housing, storage, and food while your home is being repaired or replaced.
It may be necessary to purchase further coverage for perils excluded from the standard homeowner’s insurance policy, such as flood insurance. Louisville flood coverage is offered through the National Flood Insurance Program (NFIP) to 325 Kentucky communities that participate in the plan. Homeowners can also purchase additional coverage for necessary for expensive or rare property, as well as purchase additional liability insurance. The Fair Access to Insurance Requirements (FAIR) plan is available if you cannot buy insurance within the regular market. According to the Insurance Information Institute, in 2009, the average homeowner’s insurance premium in Kentucky was $711, which was lower than the national average of $880.
Factors of Home Insurance Rates in Louisville
Factors that affect your Louisville insurance premium include your house’s age, how it’s constructed, its distance from local fire protection, its location, and its population. Your claims history and credit score may also affect your insurance premium. The crime rate in your area may affect the cost of your homeowner’s insurance premium, as a higher crime rate may cause your premium to be higher. According to the U.S. Federal Bureau of Investigation, there were 4,635.97 property crime offenses per 100,000 inhabitants in Louisville in 2010, higher than the national rate, 2,941.9 property crime offenses per 100,000 inhabitants.
Your insurance company will take into consideration your past payment history, the length of your credit history, homeownership, credit inquiries, the number of open credit lines you have, the type of credit in use, and any outstanding debt you may have when determining the policy you will be issued, how much your premium will cost, or if the company will renew your existing policy. An insurer in Louisville may choose to cancel, deny, or to not renew your homeowner’s insurance policy depending on your credit score and other factors. They may also choose to increase your premium or to add a surcharge due to your credit rating. The insurer must notify you if they choose to take adverse action.