Factors insurance companies take into account when determining your property premium include:
Location: Areas that have a higher risk of crime or weather related losses would have a higher premium that those areas that have a lower risk of such losses. Also, homes close to a fire station/fire hydrant will have lower premium than those that are further away.
Age of home/home’s condition: A newer home or a home that has been fully updated and regularly maintained would generally have a lower premium, as the plumbing, electrical, or roof would have fewer issues resulting in less claims.
Loss prevention: Devices which will help mitigate loss (i.e. monitored burglar alarm) will result in lower premiums as the likelihood of a claim occurring, and any resulting damages, will be reduced.
Number of claims you have made: There are greater discounts given on premiums the longer you remain claims-free.
Type of heating: Homes that use a wood-burning stove as a source of heating are at a higher risk of fires, which results in higher premium.