Location: The location of your home plays a significant role in determining your premium. Insurance companies consider factors like the area’s crime rate, proximity to emergency services, susceptibility to natural disasters (such as floods, bushfires, or earthquakes), and the overall safety of the neighborhood.
Type and Age of Home: The type of dwelling you have (e.g., house, apartment, condominium, unit, multiple story home, duplex etc.) and its age can impact your premium. Older homes may have higher premiums due to a higher risk of maintenance issues or outdated electrical and plumbing systems.
Size and Square Footage: The size of your home, including the number of rooms and overall square footage, can influence the premium. Larger homes may cost more to insure.