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What Influences Your Home Insurance Policy: An Interview with Michele Calabrese of Farmington Insurance Agency, Inc.

By Michele Calabrese

Tell us a little bit about your company and its foundation.

Our Agency was founded by my father in-law in the early 1960's. He retired in 2004 when I took over. Our Agency has always been small focusing on individualized service for our customer. We know all our customers by name and at this point have generations of families as customers.

Is there a generalized formula that is used to determine home value and thus home insurance?
If so, what is this formula in an easy-to-understand way for readers?

Each carrier has its own replacement cost estimator which uses specific information on the home to estimate how much would it cost (considering the cost of labor and materials in today's market) to rebuild this home if something catastrophic would happen. It does not have anything to do with how much you could sell the property for or how much the town/city's assessors office has valued the home at.

What are five aspects that affect the cost of home insurance and please explain?

Most insurance carriers are now using multi-tier rating systems. Where an individual will fit within the tiers depends on a number of factors. These include but are not limited to credit score, home location, replacement cost, and the condition of the home. Regarding the condition of the home, carriers are looking at roof age and other system updates such as wiring, heating and plumbing.

Is there any additional information you wish to share on the topic of influences on home insurance policy?

The best advice I have is to work with an independent agent. An independent agent has the ability to check with a number of different carriers to find the best price and coverage for your needs, not only home insurance but other insurance as well.

What's the best way for people to get in contact with you and your company?

People can contact us via our website at www.FarmingtonIns.comor by phone at 401-944-2230. We are open Monday through Friday from 9:00 a.m. to 4:00 p.m. and are available for walk-ins or by appointment.

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