• Replacement cost – the size and composition or your home as well as your contents are the factors that will impact the cost to replace your home and belongings.
  • Where you live – if your neighbourhood is more prone to break-ins, you may pay more for insurance.
    Proximity to a water source such as a fire hydrant or fire station.
  • Age of roof – newer roofs (within the last 20 years) are preferred by insurers.
  • Heating – there is far less risk with forced-air gas furnaces or electric heat than oil tanks. Oil tanks have the potential to cause costly environmental hazards. Improperly installed wood stoves are a source of house fires and carbon-monoxide poisoning.
  • Electricity – there are several factors such as:
    whether you have breakers or fuses
    the type of wiring you have (breakers pose less risk than fuses; knob and tube wiring can increase the chance of fire)
  • Pipes – older plumbing (galvanized or lead pipes) is more prone to cracking, leaking or other problems.
  • Other factors – insurers will also take into account whether you have a monitored security system or fire alarm. They’ll also ask about swimming pools and other structures on your property such as a storage shed.