Your home owner insurance rate is usually based on several factors: whether you own or rent, what kind of liability coverage you will need, your possessions and valuables and their worth, the number of people living in the house, and the general condition of your house. Your home owner insurance agent will ask questions about these factors before setting your rates. Knowing whether you own or rent will help the insurance agent understand in what direction the two of you will need to go in order to determine the best policy for you. Home owners will need much more coverage than renters. Liability insurance is insurance that will cover the costs of property damage or loss as well as the costs to any physical harm that may be done to a person on your property. Take into consideration any potentially dangerous areas of your home as well as how many people usually frequent your home in order to decide how much liability insurance you'll need. Make sure to take inventory of all your possessions and valuables. Dig up old receipts and hang on to new ones. In addition to making a list of all your possessions and valuables as well as their worth, you may also want to take pictures and videos. An insurance company may suggest a floater policy. Knowing how many people live in your house, and even what kinds of pets you own, helps insurance agents determine the kind of and how much coverage you are going to need which of course helps determine the rates they will set. Homes that are not well-maintained are harder to insure, and the rates are generally much higher than those for homes that are well-maintained. The condition of your plumbing and electrical wires is very important as insurance companies want to make sure you aren't at a high risk for water or fire damage. Consider making repairs where needed.

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