Homeowners Insurance - What Affects Premiums?
Home Characteristics
- Age of the home. Older homes generally cost more to insure
- Type of structure, i.e. brick, frame, stone or synthetic siding
- The condition and age of the wiring and roof
- Presence or absence of a garage
Location
- Proximity to a fire station
- Exposure to extreme weather (hurricanes, tornadoes, hail storms or earthquakes)
- Neighborhood prone to theft
Protective devices
- Burglar alarm systems
- Smoke detectors
- Fire extinguishers
- Sprinkler systems
- Dead bolt locks
Other factors
- Non-smokers may pay less than smokers
- Credit history of homeowner/renter
- Claims history. Consider withholding claims for small events to avoid premium increases
- Deductibles – the lower the deductible, the higher the premium
