5 Little Known Factors That Could Affect Your Home Insurance Rates

5 Little Known Factors That Could Affect Your Home Insurance Rates

08:51 25 January in Insurance, Personal

Shopping for home insurance and want to make sure you’re getting the best rate possible?

Factors such as living in an area with high crime, owning an expensive home or having a swimming pool in your back yard may mean you have to pay higher insurance premiums. But did you know that there are a lot of less obvious elements that influence how much or how little you pay?

What follows are 5 little-known factors that could influence your home insurance rates.

  1. The house is far away from fire services.

Homes that are located further away from fire stations and hydrants have higher insurance premiums attached to them than homes that are in close proximity to these emergency services.

This means that even though you fell in love with the cabin by the lake or the quiet bungalow in the hills, you may end up paying a lot more for your decision.

Tip: Enjoy your home, but be aware that the privacy you love may end up costing you more.

  1. Your credit score.

Not only does having a great credit score mean lower credit card interest rates, it may also mean lower home insurance premiums. This is because there tends to be a strong positive correlation between high credit scores and a lower incidence of claim filings.

Tip: Work on boosting your credit score in order to get better home insurance rates.

  1. You have a dog.

Believe it or not, your four-legged family friend could be costing you more than you want to pay for your home insurance.

Dogs bite, and this risk factor, particularly for bigger or more aggressive dogs, could mean higher premiums on your home insurance coverage. In some cases, insurance companies may refuse to provide coverage all together if you have a specific breed of dog.

Tip: Look for pet friendly insurance providers to get good coverage at a reasonable price.

  1. The age of your home.

If you bought an older house because of its vintage appeal, you may discover that enjoying its old world charm on a daily basis comes with a hefty price.

The main reason for this is that older homes have older structures, plumbing, electrical and heating and cooling systems. Older homes also tend to be constructed with materials that are more flammable or easy to get damaged over time, which results in higher premium costs.

Tip: If possible, purchase a home with an external vintage appearance but which has been updated to modern safety and construction standards.

  1. Your insurance claims history.

Just like with car insurance, the more claims you file, the higher your premiums soar. Be smart and you can potentially save a lot of money on premium rates while reserving your insurance claim for a time when you really need it.

Tip: Avoid filing claims for small problems you can fix out-of-pocket.


Looking for a home insurance rate that gives you great coverage for your money? Call Ihry Insurance today to get a free home insurance quote.

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