When purchasing homeowners insurance there are several factors to be considered and that will affect what you may have to pay. For instance, where your home is located and to what extent it may be at risk due to crime rates in your area, the potential for natural disasters, and even the proximity to local police and fire protection may result in higher or lower rates on your insurance.
Features in and around your home: a swimming pool can both be an advantage (raising your property’s value) and a disadvantage (it can also be a huge liability concern), while having fire and burglar alarms will definitely be a plus when assessing your personal insurance needs. Living near a park or recreation facility may also be a factor when obtaining insurance, as well as proximity to malls and shopping centers.
There are other things to possibly consider when purchasing homeowners insurance is the age of your home. While newer homes were built within newer, more improved building codes, older homes may not have the required upgrades and are, well, more difficult to repair. Your history of insurance claims may also make you less desirable when seeking a new policy on a new home.
Another very important consideration is your credit score. Those with higher credit scores usually have a history of fewer claims making them seemingly less risky to those writing policies. This is not to say that filing a claim will lead to higher premiums. Homeowners insurance does not have the same effect that say, auto insurance has in regards to filing claims. Filing multiple claims in a single year could raise a red flag, but if you need to file a claim you are well within your rights to do so.