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Top 7 Variables That Affect Your Homeowners Insurance Bill Cost

Florida Home Insurance Quotes

The cost of home ownership insurance has increased by an average of about 50% in the United States over the past one decade, studies suggest. Though the continuous increase is a fact, it’s so confusing to calculate the cost that most homeowners have no idea why they are paying more annual premium than the family living next door.

Insurance carriers take into account many factors when determining the premium for an individual homeowner. Smart homeowners know what these factors are and use this knowledge to shop around for the best deal and manage to lower the cost.

Let’s take a look at some of the most important factors that determine your annual homeownership insurance premium:

Factor#1: Which state do you live in?

The average annual premium for homeowners insurance in the U.S. is about $952, according to a recent study But your home ownership insurance will largely depend on which state you live in. For example, the average homeowners insurance premium runs about $1991 in Florida, one of the most expensive housing markets. If you are living in Oklahoma, you will pay an average of $1428.

Factor#2: Your financial history

Most homeowners believe things like credit score affect only their ability to take loans. But, you will be surprised to know insurance companies take into account your financial history while determining your homeowners insurance premium amount. If you have been delinquent on your mortgage or student loan payments, you may wind up shelling out a higher premium than a homeowner with good credit score.

Factor#3: Property’s condition

If your property is in poor condition, you will likely pay higher insurance premium due to the possibility that it will require repairs and renovations earlier than properties in good condition. If your home has fixtures and appliances like pipes and heating system that may develop cracks or leaks due to their poor condition, insurance carriers will charge a higher premium.

Factor#4: Construction costs in your area

Insurance companies take into account construction costs because if any part in your home gets damaged due to fire, flooding, or other disaster, the insurer will bear the cost of repairs. When issuing a homeowners insurance policy, they will determine construction cost.

Factor#5: Is your area disaster-prone?

If you are living in an area prone to disasters like floods or forest fire, then your insurance bill is going to be higher. In states like Louisiana which are prone to floods, insurance companies charge a higher premium.

Factor#6: Housing market’s condition in your area

Apart from the construction cost, fluctuation in home prices may also have an impact on how much you pay for homeowners insurance. If home prices skyrocketed in your area, you will likely pay a higher premium when you renew the policy the next year.

Factor#7: Features in your home

Features that are a safety hazard can also have a bearing on insurance costs. For example, swimming pools, farm animals, pets, trampoline etc. are among the features which can increase your premium.

But if your home has safety features like storm shutters, security systems, or carbon monoxide detectors, then they’ll reduce the premium amount.


Some of these factors are not under your control. For example, if you live in a disaster-prone area, you are bound to pay a higher premium.

Having said that, you can still lower your homeowners insurance costs by taking some steps like installing safety features, improving your credit score, and installing appliances and fixtures that show you have taken measure to ensure safety of your house.

Make sure to shop around for the best insurance deal and study the terms and conditions very carefully before you commit to a policy. Purchase one that addresses your specific requirements. You should pay attention to these things not only when you buy a home, but also when you renew every year.

About the Author

Patrick Rogers operates Asurent Property Management located in Medford, Oregon.  To find out more about Asurent’s services, you can learn more by visiting here: Asurent PM Medford.

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