5 Things in Your House That Affect the Cost of Your Homeowners Insurance

Jan 19, 2024 1 min read

When it comes to insuring your home, the biggest factors affecting the price of your premium are typically things that are out of your control, like replacement costs and location. But did you know that some of your home’s best features could be the reason why your home insurance premiums increase or decrease? If you’ve been stuck asking yourself, “Why did my home insurance go up?” here are several things to consider.

What Causes Homeowners Insurance to Increase?

Sometimes the things we love the most can actually pose an inadvertent risk. In the insurance industry, these things are known as attractive nuisances, and they can impact the cost of coverage. For example, anything that might attract a child and is also potentially dangerous to an unsupervised child can be considered an attractive nuisance. 

Pools and Hot Tubs

A backyard oasis complete with a hot tub and swimming pool is a great place to spend time with friends and family during the warm summer months. However, owning one increases the risk that someone could be injured on your property — which in turn increases the cost of your homeowners insurance. 

Trampolines and Play Structures

For families with active kids, swing sets, climbing structures and trampolines can provide endless amounts of outdoor fun, but they aren’t without any risk to children. If a child were to get injured from playing on these items — even if they were using them without your permission — you could be held liable.

Wood-Burning Stoves

Wood furnaces and stoves can be cozy, but they can also be a reason your home insurance premiums increase. That's because these types of fixtures are more likely to cause house fires than other heating systems.

What Causes Homeowners Insurance to Decrease?

When you improve the safety of your home with security systems, fire sprinklers, flood detection, or even add deadbolts to your doors, you're protecting yourself and your family from risk. As a result, your insurance provider may offer a discount on your home insurance premium.

Monitored Alarm System

If you’ve been planning to add a security system to your home, don’t forget to let your insurance agent know — you may qualify for a discount on your home insurance premium. Your insurance company could recognize the fact that you’re increasing the safety of your home and decreasing the likelihood that you will need to file a claim.

Smart Home Features

Smart home devices can do more than keep intruders out. They can keep items inside safe and functioning correctly, too. Leak detectors can sense when you have a potential water leak in your bathroom, kitchen or basement. If a water leak is detected, the system will notify you via an app. Smart smoke and carbon monoxide detectors monitor the air for signs of fire or toxic fumes and will alert you if a dangerous situation develops.

Assess Your Policy Today

There’s no better time than now to set up a SuperCheck® with your local Farm Bureau agent to evaluate your current coverage and see if there are additional ways you can save on your insurance. 

Want to learn more?

Contact a local FBFS agent or advisor for answers personalized to you.