The building materials your home is made from
Where you live
The area you live in has a bearing on the cost of your home insurance. Typically, if your home's in an area which is prone to flooding, you may be more likely to make a claim. This will be reflected in your insurance price. The same applies if you live somewhere with high levels of theft crimes - you'll normally pay more for your home insurance.
Your home security
Although it's not guaranteed you'll save money on your home insurance by installing alarm systems and mortice locks, additional security features on your property might mean your home insurance costs less.
The type of building you live in
We assess detached, semi-detached and terraced houses differently, just as we do flats and other types of homes. We also take the size of your property into account - the more rooms and bedrooms in your property, the higher the cost will be to re-build your home or replace your belongings.
Changes introduced by the government can sometimes have an effect on your home insurance price. For example, the Flood Re scheme, introduced in 2016, is designed to help people living in flood-risk areas get a home insurance quote. The scheme also helps insurers pay out when the homeowner makes a valid claim for flood damage. In return, insurance companies signed up to the scheme must pay premiums and an annual levy to Flood Re to fund the scheme.
Government changes to tax rules can also affect your price. If Insurance Premium Tax (IPT) increases, your annual price goes up too.
The costs of repair and labour
From TVs to tablets and state-of-the-art kitchens to lighting, your fixtures, fittings and belongings are becoming more expensive to replace.
What’s more, rising labour costs mean it’s also getting more expensive to fix these items, which can increase the cost of providing home insurance and the price you pay.
The number of claims being made
We settle thousands of home insurance claims every month. If the number goes up, due to things like increased accidental damage claims or extreme weather events, this could mean the costs to insure your home could go up.
Long periods of cold weather or rain can cause damage to homes and increase the number of insurance claims for things like burst pipes.
When we calculate your home insurance price, we look at the likelihood of severe weather conditions happening in the future and how many of our customers may be affected.