Keep in mind that you can typically customize your insurance policy to get the right type and amount of insurance for your specific needs, such as adding a high-end bicycle or an expensive piece of jewelry. Your homeowners insurance typically also covers the same things for your spouse and any relatives who are living with you in the same household. More specifically, for those who live in their homes year-round, your homeowners insurance will typically cover: The building (ie the dwelling) Detached Structures on the premises, like a garage, shed outhouse, etc The Personal Property you own, such as computers, books furniture, electronics, clothing, books, jewellery, etc Any trees and shrubs located outside and on the premises Your Additional living expenses, should you have to relocate as a result of a covered claim The loss of any rental income after making a claim, if applicable. The basic coverages included in any homeowners policy are coverage for your home and its contents, as well as your personal liability, anywhere in the world. Other items that affect your premium are the age, structure and construction type of your home, as well as the heating system you use, the type (and age) of your electrical system and of course your insurance experience, and the various optional coverages you choose to add, such as coverage for Earthquake, overland flooding and others. The same can be sent for areas prone to flooding, forest fires, etc. For example, if you live in an area with a high likelihood of break-ins or vandalism, your rate could be higher than what you would pay in an area where those things are rare. All major insurance companies use your postal code to determine the frequency and severity of the claims reported in your neighborhood, and they will use it to determine the risk, and therefore set the rate accordingly. One of the main factors affecting your premium is the location of your home. The cost of your homeowners insurance policy will depend on a number of factors and can differ greatly between insurance carriers.
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