Homeowners Insurance Is Affected by Owner Demographics

The amount you pay for your Orlando homeowners insurance is based on a number of variables. Some of these variables pertain to the value of your home and property; the higher the value of your property, the higher your premium. Other factors have to do with the risk of something happening to your home, with safety measures such as proximity to a fire station or presence of smoke detectors making your home safer and thus lowering your premium. Variables that come as a surprise to some, however, have to do with demographics.

Demographic Data

Demographic descriptors include things such as your age, gender and marital status, and they often are used to determine how likely you are to stay with one insurance provider. For example someone who is married has a longer retention rate, as does someone who purchases more than one type of coverage from the same company. Younger, first-time home buyers often pay higher rates than older clients, and smokers sometimes must pay higher premiums due to increased risk of fire from burning cigarettes.

An Insurance Agent Can Help

The good news is that not all insurance providers judge your demographic profile in exactly the same manner. A qualified insurance agency will look at multiple providers of Orlando homeowners insurance and connect you with one that minimizes high-priced biases associated with who you are judged to be based on descriptive statistics.