Factors that Affect Home Insurance Premiums

A significant investment in life that is sometimes overlooked by many, home insurance protects homeowners and secures every sweet home as well.

One of the few non-life safeguard policies you should avail of, home insurance is a precaution that secures your property from financial damage or loss. It also covers items inside your house like appliances and other valuable things. Investing in this home emergency insurance will give you countless perks, including that peace of mind while sleeping. What’s not to enjoy when you know that your home has protection, right?


Two types of home insurance are usually offered to homeowners by providers. These are the standard and comprehensive home insurance that differs in price and the package it covers.

Standard home insurance is the cheaper option, which is only basic coverage for one’s home, including valuable items inside it against damage or loss from lightning or fire incidents.

The other one, comprehensive home insurance, is what you can call the complete policy as it has the same perks as the standard one but with additional higher perks. This also protects homes and belongings from natural disasters such as earthquakes, volcanic eruptions, floods, mudslides, storms, and tsunamis, commonly happening in the country. Other comprehensive home insurance includes security against other man-made disasters like explosions and vehicle crashes.


An amount you will pay out of your wallet upon making a claim is called the deductible. The lower the deductible is, the lower the out-of-pocket cost in filing a claim, which means that the payable premiums or policies need more payments. In contrast, a higher deductible equals higher out-of-pocket cost in filing a claim and lower premium rates. Yet, generally, choosing an insurance’s deductible still depend on how much you can afford.

To learn more about the factors that affect home insurance premiums, you can read this infographic from iChoose PH.


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