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Factors that impact home insurance rates.

A homeowner's insurance policy is calculated using the following factors: the location of the property to be insured, replacement value or market value of the home ; distance between your home and a source of water (fire hydrant, fire station, etc.); amount of crime in your neighborhood; building costs; condition of your home; the chance of damage from natural disasters like hurricanes, floods, tornados, etc.

As a homeowner, it makes sense for you to take any steps possible to minimize your annual premium. Here are some ways you can lower the cost of your homeowner insurance policy

• Increase your deductible;
• Contract with the same company for your home and auto insurance.
• Make your home more resistant to disasters (storm shutters, stronger roofing materials, modernize plumbing, etc.). Some insurance companies offer a a renovation credit if a home is completely updated.
• Add a security system. This can save more than 20% (depending on the home alarm and the insurance company).
• Review policy limits and the value of your possessions regularly.
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