As a homeowner, you want to have home insurance as it guarantees that your valuable asset will be safe against different forms of damage. You should know that even if you choose to assume such risks, home insurance is required if you take a mortgage. That said, you may not know how much to pay for your insurance as a first-time homeowner. If this is the case, understand that your homeowner's insurance rate varies based on many factors. Here's a look at a few factors that will affect the amount you pay. 

The Area Where Your Home Is Situated

Your location is critical to the premium you'll pay for the home insurance. So, your insurance premium will be higher if your home is in a region at high risk of disasters such as wildfires or hurricanes. Additionally, you should expect to part with a higher premium rate if you reside in the city than in a rural area. That said, you will be pleased to know your premium will lower if your home is close to a fire station.

The Overall Condition and Security of Your Home

In most cases, insurers will charge a higher premium if you own an older home. This is the case because some of the materials used in the construction are expensive to replace. Additionally, older homes feature outdated electrical and plumbing systems, which can be high risk. In other cases, insurers will closely examine the condition of the roof. As such, if your roof is old or worn out, it's susceptible to leaks that may cause significant damage around your home hence a higher premium.

Your Credit Score

Like banks, your home insurer can also check your credit score to help them determine the risk level they're taking. In most cases, if your creditworthiness is good, insurers will feel confident that you have a lower risk level. In so doing, they'll reduce your insurance rate. On the other hand, homeowners with poor credit are considered more likely to file claims on their policies. This often translates into a slightly higher premium on your home insurance.

The Security and Addition Spaces In Your Home

If you have a home surveillance system, your insurance claims will reduce. This is also the case if you use strong locks to secure your doors and windows. Such measures deter frequent break-ins hence a lower need to file a claim. That said, other additions, such as a gym basement, can increase your insurance premium since damage claims will be higher. 

You should know that taking home insurance is the only way to ensure that your home will be safe regardless of the eventualities. As such, talk to your home insurance agent about the things that will affect your insurance premium.