Your home insurance premiums are a combination of a few different factors that help to set the amount that you will need to pay each month, bi-annually, or even each year depending on how you decide to pay. Your agent can explain more, and if you live in the Chandler, AZ area, the agents with San Marcos Insurance Group can tell you more.

Your home insurance premiums are first and foremost determined based on the overall value of your home. Though there are tons of other factors that go into the premium, the home value is the primary decision maker. Home depreciation is the concept that as your home ages, it is worthless and therefore you might not need as much coverage on it.

When it comes to figuring your home insurance premium, only very large depreciation is going to make a difference in the cost of premiums. Say you took out your policy in 1999, it is now 2017, and that means that 18 years have passed, this is going to amount to a great deal of depreciation and likely some deduction in your premium if you report the depreciation.

For those that took out a policy in 2015 and two years have passed, this is not likely to create much of a change in your overall monthly premium. If you are looking to reduce your premium, you want to speak with an agent about things that you can do to reduce your premium. Your agents can help you decide if adding safety features is going to help or if changing to safer building materials might help. For those that live in the Chandler, AZ area, the agents with San Marcos Insurance Group can help you find the policy that is right for you.