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When buying home insurance, there are four main factors that you should bear
in mind that can and will affect your monthly insurance premiums.
By being aware of these factors, to some degree you can influence what you pay
your insurance company each month:
The condition your home is in - Insurance companies will obviously base a
large proportion of your monthly insurance premium based on the general
condition of your home. For instance, an insurance adjuster will examine the
quality of a home's roof, ceilings, plumbing, wiring and so forth.
The rule of thumb is that the better the general condition of a home, the lower
the monthly insurance premium. This is why the owners of new (and thus more
reliable) homes often pay far lower monthly premiums than owners in older homes.
How safe your home is - If your house has been fitted with every safety
feature under the sun, you can be sure that that your insurer will charge you
lower monthly insurance premiums. For instance, if your house is fitted with a
good quality burglar alarm, burglar bars, extra door locks, trelli-doors, panic
buttons, smoke alarms etc, your premiums should well be lower.
The type of area your home is in - Unfortunately no matter how swanky or
beautiful your home is, if it is situated in a 'bad' or 'high-crime' area, you
will pay higher monthly insurance premiums than if it is in a 'good' or
'low-crime' area. Having a large private security company presence should help
keep your premiums slightly lower.
How much insurance you need - While comprehensive home insurance is
obviously the way to go, you can discuss with your insurer precisely what your
insurance requirements are and have your monthly premiums catered to your
particular insurance needs and budget.
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