After the down payment for your house, the monthly mortgage bill, and the cost of any repairs, you may not have a great deal of disposable income left each month to pay for homeowners insurance. However, you can often reduce your premiums if you understand what factors affect your rates. Below are some of the most important to keep in mind.

What Influences Homeowners Insurance Rates?

1. Attractive Nuisances

Attractive nuisances are items on your property—like a pool or trampoline—that tend to draw neighborhood children. They may come into your yard while you are away and use these items without supervision. If they are injured while on your property, you are liable for the cost of treatments. If you have an attractive nuisance on your property, your insurance company will likely raise your rates to accommodate their increased risk of a claims payout. On the other hand, if you remove these, you can often lower your rates.

2. Home-Based Business

If you run a business from home, you'll need coverage for equipment, digital devices, inventory, and other company-related items. A standard homeowners insurance policy does not cover these, so you'll have to pay extra for coverage of business property. You can either add an endorsement to your homeowners policy or purchase separate business insurance.

3. High-Value Items

To protect any high-value items, such as jewelry, collectibles, and artwork, you'll need a rider to cover the entire amount of the loss if you ever make a claim. For instance, the average home insurance policy limits jewelry claims to $1,500 to $2,500. A typical engagement ring can cost two or three times this amount, so you'll have to pay more to cover the difference.

4. Home Security

A break-in or a fire are common risks for which insurance companies must often pay out claim amounts. If you can reduce their risk, you can lower your rates. Install new locks, a security system, and a fire monitoring system, and your insurer will often cut you a break on monthly costs.

For expert assistance designing a homeowners insurance policy, contact Integrity Insurance Solutions in San Marcos, TX. They serve clients in and around Hays, Caldwell, and Guadalupe counties and also specialize in auto, property, and business insurance. Visit their website to learn more about their services or call (512) 396-2211 to request a free homeowners insurance quote.