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Where you live
Where you live definitely makes a difference in your property insurance rates. Insurers gather claims experience based on geographical location and adjust their premiums accordingly. So if you live in an area that has a high number of theft claims, you'll pay higher property rates than if you lived in a low-theft area.
How much coverage you have
The more coverage you purchase, the higher will be your premium costs. A $20,000 tenant insurance policy, for example, is less expensive than a $30,000 tenant insurance policy.
Type of coverage
A tenant insurance policy will be less expensive than a condominium owner's policy. Why? Because your insurer has a greater exposure to cover for a condominium owner than for a tenant. For example, a condominium policy covers the condominium owner's liability exposure to shared common areas of the condominium.
Another consideration -- if you customise your policy with optional coverages, like a bicycle, plan to pay a higher premium.
Proximity to fire hydrant or fire station
It's an advantage to live close to a fire hydrant or fire station. The closer you are, the greater the chance your property can be saved if a fire starts.
Amount of your deductible
A standard policy deductible might be $500. If you choose a higher deductible (the amount you pay on a claim), your insurance company will reduce your premiums.
Security features
It's to your advantage to have a safe home environment. If you install an alarm system, smoke detectors, carbon monoxide detectors, or other security features in your home, your insurance company will offer discounts to reduce your premium.
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