Your insurance premium will be different to your parents, different to your next door neighbour and different to just about everyone else you know.

This is because insurance companies calculate your insurance quote according to your unique characteristics.

The main factors they take into account are as follows:

Your Area
Where you actually live is one of the main issues that determines how much you'll pay for insurance. Is your house ia a area with a high risk or with a high rate if crime? If so, expect to pay more for your home insurance.

Your Age
Many companies offer substantial discounts to the over 50's as they are less risky to insure. Living a quieter more sedate life apparently reduces the likelihood of having to make an insurance claim.

No Claims Discount
Each year that you don't make a claim on your home insurance, you will receive a no claims bonus. So, the more no claims bonus' that you have, the cheaper your insurance will be.

Added Benefits
Many insurance companies offer benefits or incentives to take out home insurance with them but this invariably leads to a higher premium. They give with one hand and take away with the other.

The Excess
The excess is the amount that you will have to pay in the event of you making a claim on your policy. Your policy will have a compulsory excess but you can choose to increase this if you want to lower your monthly premium. But remember, if you do make a claim you will need to pay this higher amount.