Many factors increase premiums, including the following:
• The insurance company you use: Some companies charge higher premiums than others.
• You live in a lousy neighborhood: If you live in an area where your house is likely to be broken into,
you may have to pay a higher premium.
• Your deductible is low: Your deductible refers to the out of pocket costs you must pay in the case of an accident. While it is good to pay low deductibles, it could increase monthly fees.
• Your area is prone to natural disasters: If you live in an area prone to floods, tornadoes, hurricanes, and the like, your insurance may be higher.
• Remodeling: Remodeling can make your insurance increase. This is because insurance companies will have to pay higher amounts if any damage occurs to newer structures.