How are insurance premiums calculated?
An insurance premium is the amount of money you pay to be insured. Insurance companies calculate premiums by considering a range of factors including:
- The location of the property
- The construction material of the property
- The age of the property
- Past claim history
- Economic and insurance climate
While some of these factors are out of your control, there may be actions that you can take to reduce your insurance premium and protect your property.
The condition of your property is of great relevance to insurers. A property in poor, or deteriorating condition will have a higher insurance premium because it is highly likely that claims will be made. Of concern, is the wiring in your property.
Electricity gradually deteriorates the wiring that conducts it. We do not always see this, as wiring by nature is concealed. Electrical fires and property damage can result over time, which is why ACE+ recommends thermal imaging.
With thermal imaging, ACE+ technicians can scan the wiring in your property for hot spots. Hot spots can indicate that the insulation of your wiring is beginning to break down. A thermal imaging camera will detect the change in temperature and help our technicians identify these.
ACE+ can work with you to replace damaged or deteriorated wiring, quickly and professionally, so that your property stays safe.
Roof repair & Re-roofing
Roofs are designed to last, but their constant exposure to the elements wears them down. This is typically not immediately noticeable. The actual damage will be very small but will grow over time. This is where the problem lies, as the damage grows, so does the risk to your property from water damage. Water damage claims have a link with insurance premiums.
The skilled team at ACE+ can assist by conducting inspections and repairs of your roof. By reducing the risk of water damage, you can demonstrate to your insurer that you are unlikely to make a related claim.
The most effective way to reduce your insurance premium is with planned maintenance from ACE+.
Our team will build a profile of your property, conducting a full audit and drawing up a maintenance plan that triages the key areas that insurers look at. With planned maintenance, ACE+ will conduct regular health checks on your property, identifying and repairing small issues before they can become expensive problems.
When you choose ACE+ you get peace of mind that all work is carried out by licensed professionals who ensure every job is done to the highest safety standards. We do not compromise on giving our clients the best quality service.
Contact ACE+ today on 08 9272 1488 and find out how we can help you make your property as safe as possible and in the best condition for your insurer.