The recent outcry against home insurance renewals and cancellation notices, particularly in high-risk areas, signals the need for consumers to thoroughly understand how insurance works — including how it’s priced.
Several factors influence a property’s insurance premiums. Some of these are issues that property owners can address; others are outside an insured’s control.
The New York State Department of Financial Services advises consumers that the following factors can affect the cost of home insurance:
- Location, age and type of building;
- Proximity of fire protection services;
- Deductible selection;
- Premium discounts; and
- Scope and amount of insurance coverage.
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