There are numerous factors about your home and your neighbourhood that can influence the cost of your home insurance premiums. Here are some of the most important: The value of your home. The larger and more expensive your property, the more it will cost to replace your home and belongings. The location of your home. If you live in a postal code area that has a higher rate of claims or greater incidents of break-ins and vandalism, you may have to pay more for your insurance. Your home’s proximity to a fire station or fire hydrant. For safety reasons, the closer you are, the better the chance you’ll have lower premiums. Your electrical system. How your house is wired can impact your premiums in several ways. For example, a home that has knob-and-tube wiring (which increases the potential of a house fire) or fuses instead of circuit breakers will cost more to insure than a house with up-to-date and up-to-code wiring. How your home is heated. Houses that use safer heating methods, such as forced-air gas furnaces or electrical heating instead of oil-fired furnaces and wood stoves, come with lower premiums. The age of your roof. Houses with newer roofs are less likely to experience costly leaks resulting in property damage and are therefore less expensive to insure. The plumbing in your home. Houses with older plumbing systems, including ones that use lead or galvanized pipes, are at higher risk of clogs, leaks and other expensive repairs. When determining your premiums, insurers will consider many other factors as well, including your insurance and claims history and if you’ve installed a monitored home security system that includes fire, smoke and carbon monoxide detectors. Other items on your property, such as a swimming pool, a hot tub or a detached garage, can also impact your costs.