Skip to main content

Homeowners Insurance Factors and What Drives Your Premium

Homeowners insurance risk factors and how to save money

Insurance premiums may fluctuate every year or at renewal for the majority of people looking at renewing existing policies. However, you may also be facing the fact that some of those details about your home or personal life may drive up the price further!  If you feel as though your premiums are skyrocketing, take a look below at some of the most common factors that could be driving up your premium. And don't forget, we are happy to review all of your insurance policies to be sure you are properly covered for your needs.

Your marital status

Even though it doesn’t make sense to many people, married couples enjoy lower insurance costs than single people. It’s thought that married people are more mature and able to take care of a home, liability wise, than single individuals.

Proximity to a fire station and/or body of water

If you are far away from a fire station or you are close to a body of water, both could be impacting your insurance ratings. These things are, of course, mostly outside of your control. But they could impact your monthly premium.

Your heating source

Depending upon what you use to heat your home with, you may be getting a discount or paying more.  For example, electricity or natural gas are discounted over oil because wood as a primary source of heat, as in a wood-burning stove or even a pellet stove are higher risk. Both of these are considered a higher risk because they are essentially a fire in your physical house and you may even be rejected.  Anyone have these types of heating elements anymore?

How to lower your premium costs

If you’re frustrated with high premiums and you want to make sure that you aren’t paying anything extra for insurance than you need to, it definitely is with your while to consider these cost-reducing potential aids.

Consider increasing your deductible

Another quick little trick to help you earn some savings is to consider raising your deductible on any and all policies. The lower your deductible is the higher your rate. So, if you know that you can comfortably afford the higher deductible — should you need it — it could earn you some great savings.

Talk to your insurance broker

Last by not least don’t be afraid to ask your insurance agent, hopefully that is Harbour Insurance Services, what you can do to help save some money on insurance premium. A lot of times, there can be smaller loopholes for saving such as a high GPA or so many years without making a claim that can all be applied to your homeowners’ insurance policy as well. 

No one wants to ever find out that they are overpaying for insurance, but many people do end up discovering this to be the case. Do your part to help protect your hard-earned cash by checking out your own policy for those premium increase factors as well as the potential discounts that you could very well put in place to give you more bang for your buck.  There’s never been a better time to put some cash back in your own pocket, after all. Contact Harbour Insurance Services at (281) 520-4090 and let us do the leg work for you, and see if we can save you some money!