What Factors Can Affect The Cost To Insure Your Home? | Dynamo Cover

What Factors Can Affect The Cost To Insure Your Home?

what factors can affect home insurance cost

Are you looking to purchase cover for your property and not sure what factors can affect your home insurance quote? To help you understand the impacts that can have a significant effect on your home insurance, we’ve put together a handy guide.

factors that influence home insurance cost | dynamo cover

7 Factors That Impact The Cost To Insure Your Home

1. Where You Live

Do you live in a suburban area that is impacted by severe weather conditions, or a city with a higher crime rate? This will determine. 

2. Age & Property Structure

Materials used to build your house will have an enormous impact on insurance costs. For example, if the property is built using wooden materials or straw (roof), it will be more vulnerable to rot and fire whereas structures are less likely to be affected by these issues.

Some insurance providers will consider older buildings to be a higher risk because of old roofing, wiring and plumbing.

3. Your Lifestyle

Are you away from home quite a lot? Married with children? These factors can have an impact on your quote.

4. How Close You Are To Water

Is your property likely to be flooded? Living close to coastlines and rivers will more likely result in a higher cost of insurance. 

5. Size of Your House

The cost of the rebuild will depend on how many materials you will need to cover the house.

6. Value of Your Contents

Your premium will go up if the value of your possessions is high. You might want to consider insuring things like laptops and mobile phones separately, as the value of individual items can be limited on home insurance policies.

7. Previous Claims

Your claims’ history will need to be disclosed at the quote station as it will be taken into consideration. Not telling us about this could void your policy.

Building & Contents Insurance 

Whilst home insurance is compulsory when you take out a mortgage; taking out contents insurance might be a good idea because the cost of replacing items can be quite high.

We offer both standard and non-standard policies, and all of them are specifically tailored to your needs. If you require content insurance, simply make a list of what you own and what the value is.

Typically, things like kitchen and bathroom fixtures will be covered by the building insurance. However, you might consider getting insurance for things outside the home, like a bicycle (we offer specialist bicycle insurance too!).

It’s important to note that It’s usually your landlord’s responsibility to cover the building insurance if you’re renting.

How To Lower The Cost Of Insuring Your Home

The most recommended way to potentially lower your home insurance premium is to increase your home’s security measures. This could include installing a burglar alarm or fitting your doors and windows with high-quality locks. By doing so, you could reduce the risk of theft and therefore decrease the likelihood of a home insurance claim being made, which could lower your premium.

You may even want to consider rewiring your home because this can reduce the cost of home insurance. For example, the cost to rewire a house can range from as little as £1,500 and it’ll significantly improve the safety of your home.

Another way to potentially reduce the cost of your home insurance is to opt for a higher excess, which is the amount you would have to pay towards any claim. By choosing a higher excess, you are essentially taking on more of the risk, which may result in a lower premium.

How Can You Get A Quote For Home Insurance?

To get a quote for home insurance with Dynamo Cover, you’ll need the following information:

Property Details

You need to know whether your property is listed on not and what year it was built. 

Structure Details

What are exterior walls mostly made of and how much flat roof space do you have?

Number of Rooms 

The total amount of bedrooms and bathrooms.

Personal Details

Personal details such as previous claims and whether you want to include someone else on your policy, including their details.

Why Choose Dynamo?

At Dynamo, we have a proven track record of insuring homes at the right level of cover and the cheapest cost. We have recently improved our quoting engine to make it easier to get a quote and insure your home in as little time as possible. We also offer home emergency cover too for complete peace of mind (i.e. in case of a boiler breakdown, floor or any other emergency in your home).

It’s important to note that our policies are usually 10% cheaper when bought directly via Dynamo Cover. 

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