4 Unexpected Lifestyle Factors that Affect Home Insurance

Home insurance is not determined solely based on the value of your residence. There is a complicated formula to determine how much you should pay, including where you live, when your home was built, the type of home you live in and other determinants. Even beyond these elements of your home, however, your lifestyle will be considered when you seek a home insurance policy. .

#1 Profession

You may find your life insurance and medical insurance are more expensive if you are in a risky profession. For example, people who work in factories or on docks have a high rate of injury and death on the job, driving up life insurance premiums. You do not have to be in a risky profession to pay more for your home insurance, though. In fact, some relatively low risk professions are the ones taxed the highest. Doctors and lawyers are often considered to have "deep pockets." This means others in the community think people in those professions will have a lot of assets, and this can lead to more liability law suits. Someone who trips on the sidewalk in front of a doctor's house will be more likely to sue than if the same situation happened in front of a teacher's house.

#2 Travel Choices

You may not tell your home insurance company how much you travel, but the company can potentially find out anyway. Insurance companies have estimates for how much a person in your profession will have to be out of town for a job. Similarly, insurance companies may find information on travel insurance you have purchased in order to know how often you leave town. People who are away from their home frequently pose the highest risk of theft claims. They also tend to file a number of property claims if they are not home often enough to manage their property effectively.

#3 Family

Single people are riskier than those who are married with children, according to insurance companies. If your home is a residence for young kids as well as yourself, then you will see your insurance costs drop across the board. While families may have frequent small claims, such as minor repairs to windows or doors, they tend to treat their property better in the long-run, leading to less expensive claims over time. if you are young and single, both your auto insurance and home insurance will both be much higher.

#4 Automobiles

The cars you drive can give an insurer key information about you. For one, people who drive flashier cars put themselves at risk for liability law suits. Again, others in the community will perceive these people to be the most worthy target for a liability law suit. Further, people who choose to drive riskier cars tend to live riskier lives. Fast cars with low safety ratings have high auto insurance premiums, and they will also drive up the cost of your home insurance. On the other hand, safe, slow cars like minivans or station wagons tend to point to lower risk levels that are rewarded with lower premiums.