What are insurance premiums, deductibles and limits?
By Steve Papola
IIf you have
an insurance policy, you’ve likely heard of premiums,
deductibles and limits. But do you know what each of
these terms means?mean
Each of these concepts helps determine how
much much you’ll you’ll pay
pay for your insurance (homeowners, auto, boat or
life, for instance) — as well as how much you may receive after
a covered loss.
Here’s a quick guide to these important terms:
WHAT IS AN INSURANCE PREMIUM?
An insurance premium is the amount you pay to your insurer
regularly to keep a policy in force. You may be able to pay
premiums monthly, quarterly, every six months or annually, de-
HOW IS AN INSURANCE PREMIUM CALCULATED?
Many factors may affect premium prices. Check out the following
for more information.
Factors That May Affect Your
Homeowners Insurance Premium
• Coverage limits you choose
• Deductible amounts
• Optional coverages you select
• Your home’s age and condition
• Your claims history
• Your credit rating
Source: National Association of Insurance Commissioners (NAIC)
Factors That May Affect Your Car Insurance Premium
• Your age
• Your driving record
• Age of your car
• Types of coverage you choose
• Coverage limits you select
• Where you live and drive
• How much you drive
• Your credit score
Source: Insurance Information Institute (III)
At Centurion We
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26 • JULY 2019 813.682.9364 FLORIDA WOMEN MAGAZINE