Even though you live in similarly sized houses and the same neighborhood, you and your neighbors likely pay different home insurance premiums. This difference is because many variables can affect the cost of insurance. Here are some factors you probably didn’t know can impact your insurance premium.
Your roof
An old and damaged roof puts your home at risk of damage from the elements, raising the cost of your insurance. On the other hand, a new or recently renovated roof can have the opposite effect on insurance costs.
House materials
Building your home using stone, concrete, or bricks can lower your insurance cost more compared to those that use another material, such as wood. The reason is that masonry generally withstands fire, moisture, temperature changes, and decay better than wood does, so homes made from it often last longer and need less frequent repairs.
Your dogs
Having dog breeds that insurance providers perceive as high risk may increase your insurance premium. Some providers may even ban particular breeds from coverage, while others may require pets that have previously demonstrated aggressive behavior to undergo special training.
Safety features
Features like fire alarms and home security systems put your home at a lower risk of damage, so they can help lower your insurance cost.
Swimming pool
You might think a pool makes your home more attractive and, thus, more valuable, but your insurance providers may see it differently. Features like swimming pools and trampolines increase the risk of accidents occurring in your home, so they might increase your insurance premium.
Fire station
Some insurers may consider your home’s distance to fire stations and other emergency responders. Closer proximity ensures that authorities respond to emergencies more quickly, minimizing damage and your potential claim.
Different insurance providers may consider other variables when determining your home insurance premium. Make sure to verify with your provider what these factors are and how they impact your coverage.