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What Impacts My Home Insurance Premium?
- What impacts my home insurance premium?
- Replacement cost – the size and composition or your home as well as your contents are the factors that will impact the cost to replace your home and belongings.
- Where you live – if your neighbourhood is more prone to break-ins, you may pay more for insurance.
- Proximity to a water source such as a fire hydrant or fire station.
- Age of roof – newer roofs (within the last 20 years) are preferred by insurers.
- Heating – there is far less risk with forced-air gas furnaces or electric heat than oil tanks. Oil tanks have the potential to cause costly environmental hazards. Improperly installed wood stoves are a source of house fires and carbon-monoxide poisoning.
- Electricity – there are several factors such as:whether you have breakers or fuses
- The type of wiring you have (breakers pose less risk than fuses; knob and tube wiring can increase the chance of fire)
- Pipes – older plumbing (galvanized or lead pipes) is more prone to cracking, leaking or other problems.
- Other factors – insurers will also take into account whether you have a monitored security system or fire alarm. They’ll also ask about swimming pools and other structures on your property such as a storage shed.
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