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What Influences Your Home Insurance Policy: An Interview with Kenneth Groff of Beacon Insurance Group

By Kenneth Groff, Jr.

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

Beacon Insurance Group is an independent insurance brokerage firm. We were formed in 2004 and are located in Bluffton, South Carolina.

What are some of the services your company provides?

Our agency provides Personal and Commercial insurance products, along with risk management services.

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?

The value to which a home is insured is its replacement cost or reconstruction cost. This can differ greatly from its market or sales value. The value determined is guided by cost estimators based on the location of the home. A quick rule of thumb to use is the cost to rebuild per square foot of the house for that particular type and size of home. Depending on the style of the home this could range from $95.00 to well over $600.00 per square foot.

What are five aspects that affect the cost of home insurance and please explain? (e.g. age of home, credit score, number of structures)

Close to the coast vs. Inland

Year Built
Due to high risk for wind losses, newer homes that are built to current building codes will reflect a lower premium. This is also true for the age of the roof.

Credit Score and Prior Losses
Carriers look at the insured's credit score and loss history to determine an insured's insurance score, in turn, the better the insurance score the better the premium.

If the home is a secondary or rental, it opens the home to more exposures as opposed to a primary home.

Wind Mitigation
Having opening protection like impact resistant glass and storm shutters, as well as IRC compliant roof construction can give you a substantial credit with many carriers.

What is the best way for people to get in contact with you or your company?

We can be contacted on our website,, by email at, by calling 843-706-3690, or via Facebook, Twitter, or Linkedin.

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