As the owner of a house, you might have noticed that the price of homeowners insurance varies. You may pay more or less than your neighbor for a similar-sized home, and the differences in cost can be dramatic. Numerous factors affect the price of home insurance. Below are some of the most common.  

4 Factors That Affect the Cost of Homeowners Insurance

1. Size & Value of the Home

The larger and more elaborate your home is, the more it would cost to replace if a fire destroys it. Likewise, the larger it is, the greater the risk your insurer undertakes to protect it. Therefore, they charge you accordingly.

2. Pool or Trampoline

These are known as "attractive nuisances" in the insurance industry because they attract neighborhood kids who might use them without supervision while you are not home. If someone is injured on your property while you are away, you, and therefore your insurance company would nevertheless be considered liable. You have to pay more insurance money if one of these is on your property.

3. Security System

If you have a fire alarm or security monitoring system, your insurer will likely give you a break on premiums. Just as they charge more for high-risk factors, they charge you less if you mitigate danger with a fire detection or burglar alarm system. 

4. Large or Aggressive Dog

Any dog poses a bite risk, but large and aggressive breeds can do serious damage. They, therefore, cost more to insure. If you have a Doberman, pit bull, German shepherd, rottweiler, Akita, or Husky, you will pay more for homeowners insurance. 

For help designing the ideal homeowners insurance policy, contact Allstar Insurance in Lincoln, NE. They have been helping clients in and around Lancaster County since their founding in 1995. They specialize in home, renters, motorcycle, and auto insurance. Visit their website to message them online or call (402) 477-0900 to request a free, no-obligation quote.