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
  • 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