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What Factors Can Affect Home Insurance Costs

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?  We’ve put together a handy guide to help you navigate this. 

factors that influence home insurance cost | dynamo cover

Factors that influence how much your policy will cost will include but are not limited to the following factors:

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. 

Age and 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. Concrete structures are less likely to be affected by these issues. Slate and tiles are easier to insure. Flat roofs are considered to be more vulnerable to weather conditions and break-ins. Some insurance providers will consider older buildings to be a higher risk because of old roofing, wiring, and plumbing. This can increase your chances of claiming.

Your lifestyle

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

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. 

Size of your house

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

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.

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.

Home insurance is broken down into two categories; building and contents. 

Whilst building 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. It is usually your landlord’s responsibility to cover the building insurance if you’re renting. 

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. You might consider getting insurance for things outside the home, like a bicycle. We offer specialist bicycle insurance to suit all needs. 

To get a quote for your building home insurance, you will 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.

Simply go to our Quoting Engine to get a personalised quote for you. Our policies are usually 10% cheaper when bought directly via Dynamo Cover. 

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