Life Insurance Rates

If you rent a dwelling, your insurance premiums are typically lower since you likely only need content protection for your belongings, such as your electronics, furniture, clothes etc., and liability protection if you cause damage to someone's property (like flooding that affects your neighbours).
If you own a house, your protection extends further and may cover the physical building you own, its content, your liability, and some additional objects on your property, like a garage. If you own a condo, your home insurance covers only your unit, whereas common elements like a pool or gym are covered under a policy acquired through the condominium board.

According to the InsurEye Peer Comparison tool, insurance premium differences for owners and renters can reach 100%.

Current value of your dwelling becomes very relevant when you own it, and your policy covers the physical building in addition to the content (i.e. for your belonging such as electronics, furniture, clothes etc.) and liability (i.e. liability protection in case someone is injured in your home, or if you cause damage to someone's property, like flooding that affects your neighbours). The higher the value of your home, the more expensive it would be to re-build / repair in case of an accident.

According to the InsurEye Peer Comparison tool, premium differences for owned homes with a value of $300K-$700K and $1.5M-$5M may reach 130%.

Current vehicle value impacts insurance premiums. Usually the more expensive the car you drive, the higher your insurance premiums will be. This may seem simplified, and in reality your insurance premiums will consider the number of accidents, claim size, theft probability and many other characteristics of your vehicle model.

According to the InsurEye Peer Comparison tool, the premium difference for vehicles with a value of $10K-$20K and $40K-$80K may reach 60%.

Your driving record impacts your insurance premiums, since any past violations make you a higher insurance risk. The more violations you've had in the past, the more expensive your insurance protection becomes.

According to the InsurEye Peer Comparison tool, insurance premium differences for those who have a clean driving record and those who had a maximum of two violations (parking tickets excluded) in the last three years may reach 15%. In the case of more than two violations in the last 3 years, or even a license suspension, this number is very likely to increase.

The higher risk you want to cover, the more you pay for your protection. Choices can vary between the minimal coverage required by law (typical liability, i.e. damages or harm to a 3rd party) up to extensive coverage that includes liability, collision, comprehensive damage (against theft, lightning, etc.) and increased accident benefits.

According to the InsurEye Peer Comparison tool, premium differences between minimal and medium coverage (includes liability, collision, and comprehensive damage) may reach 20%.

There are various life insurance products available on the market: Term, Whole, Universal, Variable, and a few others. Several products protect you only in case of death, while others include a cash accumulation component which allows you to save for the future. Premiums vary between different life protection types.

According to the InsurEye Peer Comparison tool, premium differences between Term Life Insurance (i.e. protection for a particular number of years, e.g. 10, 20, 30) and Universal Life Insurance (i.e. protection that also accumulates a portion of premiums into an investment) may reach 40%, with Term Life generally being the less expensive option.

The amount of Life insurance coverage can vary strongly depending on the purpose. It might be $150K in order to cover an unpaid mortgage, or go up to $1M or $2M if the policy holder wants to provide for the whole family, including children (e.g. cover future education costs).

According to the InsurEye Peer Comparison tool, premium differences between $250K-$500K and $2M-$5M of coverage may reach 100%.