Home’s age and type and construction

Newer homes have lower home insurance rates. Important factors include electrical wiring, plumbing, bricks and concrete. If you own an older home insurance providers may consider your home a high-risk because it is likely to cost more to fix it in the event of damage. The material used to build your home is also taken into consideration by insurance companies.

Home’s location

The area in which your home is located has a big effect on the cheapest home insurance. If you live in an area that is prone to break-ins or if your home is in an area that is prone to wild fires this will have a significant effect on your insurance premiums.

If you’re looking for the cheapest home insurance you should consider moving to a safer neighbourhood, in close proximity to a police station, as this may have an effect on your level of risk.

Claims history

If you are known for claiming incessantly, this will have an effect on your home insurance. The insurance company will use this to decide on your level of risk and it may have an effect on your premiums. It’s often better to handle small fix-it claims yourself.

Risk factors on the property

For the cheapest home insurance you should do your best to lower risk factors on the property. If your home does not have a fence or wall for instance, this may affect your premiums. By installing an alarm system as well as burglar proof bars in your home you could lower your level of risk significantly. Swimming pools, owning aggressive dog breeds and having a trampoline could hike up your premiums.

Credit score

If you have a high credit score the insurance provider will regard you as a low-risk individual, so you will get cheaper home insurance.

Value of your home

The more valuable your home is, the more the insurance company is going to have to pay.