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What Influences Your Home Insurance Policy: An Interview with Mark Rice of Callahan & Rice Insurance Group, Inc

By Mark Rice

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

Callahan and Rice Insurance Group is an independent, multi-line insurance agency founded in 1966. We are structured to assist our clients with meeting their insurance needs for business and personal exposures. We also provide our clients with Life, Health, Long-Term Care and Disability insurance solutions.

Is there a generalized formula that is used to determine home value and thus home insurance?

Our primary concern as it relates to our Personal lines clients is to identify the Replacement Cost value of their home. This value is different from the tax value, appraisal value and sales price. Most insurance carriers use a web-based model to accomplish this calculation. The calculation uses information about the home to include year of construction, square footage, building quality, style of the home, special features and location as well as the carrier's own claims data to determine this value.

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

There are several factors that can influence the cost of Homeowners insurance. Location, age of the home, value of the structure, claims history and insurance score are the primary factors. Proximity to the coast and other available discounts can also affect the cost as well.

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

Throughout my career, I have found that some consumers view the Homeowner's policy as a maintenance contract. Unfortunately, that is not the purpose of this coverage. These policies are designed to cover damage that is sudden and accidental. We should all consider these policies to cover the major incidents that occur to our homes and try to handle the smaller occurrences on our own.

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

Our office numbers are 910-484-6171 or 877-484-0900 toll-free. Our website is and our individual email addresses are available there.

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