What might typically lower homeowners insurance premiums?

Having a high deductible is a common factor that can lower homeowners insurance premiums. This is because when you choose a higher deductible, you agree to pay more out of pocket in the event of a claim. Insurers often reward this choice with lower premiums since it reduces their risk—higher deductibles mean that fewer claims are likely to be filed for smaller incidents. Insurers perceive homeowners with higher deductibles as being more responsible and less likely to make frequent claims, thereby enabling them to offer discounted rates.

On the other hand, filing multiple claims can lead to increased premiums, as insurers see this as a higher risk. Similarly, owning a swimming pool is typically viewed as an added liability, which could increase the premiums due to the higher risk of accidents. Lastly, minimal security measures can also lead to higher premiums because homes without security systems are more susceptible to theft or damage, which insurers do not favor when assessing risk. Therefore, opting for a high deductible is a proactive way to manage insurance costs effectively.