There are many factors taken into account when your broker calculates home insurance costs:
– Location & Geography – are you in a high theft area or area highly susceptible to flooding or earthquakes?
– Amount of Coverage – the higher the coverage amount needed, the higher the rates will be.
– Additional Optional Coverage – As stated before the more coverage, the more expensive, however it may be in your best interest to have some optional coverage such as water damage coverage. It will be worth the additional cost if your basement is ever flooded.
– The Deductible Amount – you can choose to lower or raise your deductible (the amount you pay on a claim). The higher your deductible, the lower your premiums (monthly payments).
– Installed Safety Features – an alarm system, smoke detectors, carbon monoxide detectors, sprinklers and other security features may help reduce the cost of your home insurance.