What are the “things” that increase Hazard insurance cost?
FRAME CONSTRUCTION: masonry insurance rates are up to 18% cheaper. RURAL EXPOSURE: homes +1,000 feet from a fire hydrant or +5 miles from a fire station are more expensive. BANKRUPTCY/FORECLOSURE/REPOSSESSION (B/F/P): many carriers will not insure a home owner who has had B/F/P in 5 years. AGE OF HOME: older homes receive surcharges for “Home-Age’ usually over 30 years. CRAWL SPACE: homes on crawl spaces are placed in standard policies as opposed to preferred policies in many instances. ANIMAL EXPOSURE: Liability Exposures for the Rotweiller, Chow, Pit Bull and other targeted and highly publicized breeds can be more expensive and/or difficult to insure. FLOOD ZONE: homes in flood zones not lying in X or C zones will require Standard Federal Flood insurance which will drive up the annual cost of insurance for the home owner.
