What factors could affect how much I pay for my home insurance policy?
Factors such as the area you live in, your homes proximity to water, the number of trees near your home and how many claims you have previously made can all have an effect on the cost of your home insurance. The basic rule is that the greater risk of loss or damage to your property; the higher your premium could be.
Where you might deem these factors a little unfair, these factors are crucial to what your insurance premium is set at. For example, some areas are prone to flooding where others are affected by some seriously big tree roots which may cause subsidence. Some neighbourhoods have high crime rates where others may be in the middle of nowhere. So as you can see, one size doesn’t fit all when it comes to home insurance.
Other factors that may influence your insurance premium include:
- The structure of your property
- Security measures in place such as alarms
- Your homes proximity to water
- The size of the property
- Your claims history