There are many other factors that could affect the cost of your home insurance, according to the III. Here are a few categories of things that can raise or lower your home insurance premium.

Location-based factors

How far is the nearest fire department (and fire hydrant)? Homes closer to highly-rated or permanently-staffed fire departments usually cost less to insure. The same goes for fire hydrants -- their proximity can impact home insurance cost.

How close are you to a coastline? If your property is close to a coast, it'll usually cost more to insure. You may also need a separate windstorm or hurricane deductible.

Is home insurance highly-regulated in your state? Every state, including D.C., has a Department of Insurance or a similar agency. They help protect homeowners by reviewing and approving rate adjustments. Some states, like California, are highly regulated to ensure fair and affordable rates.

Home-specific factors

What is the age and quality of the roof? Typically, the newer the roof, the better. Older roofs may cost more to insure since they can be more susceptible to damage. Also, certain roofs are made to resist fire, hail, etc. – you may qualify for a home insurance premium discount if your roof is built to resist some of those things.

Does your home have special features, like a swimming pool? If you do have one, or a hot tub, you may be required to purchase more liability insurance. Other features like whether you have a fence all the way around the perimeter of your property may help lower your premium.

Personal Factors

Do you have a good credit history? In most states, this can be factored into getting a better rate on your mortgage, as well as your home insurance.

Have you been with your current insurer for a long time? You may qualify for loyalty discounts with certain insurers.

Are you bundling your home insurance with another type of insurance? Many insurers will offer discounted rates if you bundle two or more insurance coverages, like home and auto.

When you're shopping for homeowners insurance, it helps to understand how the coverages, coverage limits and deductibles you choose affect the cost of a policy.