One of the major factors is location and the value of the property, including any equipment and detached structures. Insurance companies will look at the neighborhood and average cost of claims. If you choose to operate in an area with high crime rates, property insurance premiums will be higher.
Insurance companies also look at the estimated value of your property, its replacement costs, and the maintenance of the property. An expensive property or one that costs a lot to rebuild will have a higher premium. In addition, insurance companies like to see that properties are secure and consistently maintained at a good quality to reduce their insurance risk.