- Its age; older homes typically cost more to insure.
- Its type of structure; for example, brick, frame, stone or synthetic siding
- Its wiring
- Its roof
- Whether it has a garage
- Its proximity to a fire station
- Its exposure to extreme weather – hurricanes, tornados or earthquakes
- Whether it’s in a neighborhood that’s more prone to theft than others
- Burglar alarm systems
- Smoke detectors
- Fire extinguishers
- Sprinkler systems
- Dead bolt locks
There are some personal characteristics that affect insurance premiums:
Non-smokers might pay less for homeowners insurance than smokers.
And remember, it’s important to maintain a good credit history because many insurance companies consider credit history when determining how much to charge you for insurance.
Your previous claim history has a big impact on your premiums. Consider not putting in claims for smaller amounts/events to avoid being tagged for a premium increase. You may want to consider a higher deductible if you are unlikely to file a claim for a loss that is less than $500 or even $1000.