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The cost of your house insurance premium depends on a number of factors. The cost of your policy is based on the insurance companies perceived risk of how likely they will have to pay out. So to work out that risk they look at your circumstances and how they affect these factors. For example a house in a high risk flood area is more likely to be damaged, meaning you are more likely to claim. Thereby making you a higher risk to the insurer, and the higher the risk the higher the cost of the house insurance premium.

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There are two kinds of house insurance policy available.

• Building insurance: It covers the structure of your home (including fixtures & fittings) against damage caused by fire, floods, subsidence and other natural disasters. This level of cover is compulsory if you own your own home.
• Content insurance: This will cover you for theft, loss or damage to the possessions and contents in your home.

The First decision you need to make is on what level of cover you require. How much would you like to insure your house for? The amount you decide makes a pretty big difference to the cost of the premium.

The next decision is whether you want any extra cover or not. You can Add 'accidental damage' onto your policy which may well prove to be useful if you damage something of value but it will however increase the cost of the premium. The second type of extra cover available is 'all risks'. This covers any household items you take out of the house such as a jewelry. 'All risks' has it benefits but it will increase the amount you pay for your house insurance.

The house insurance company looks at the condition, location and security of the house as the considerations when calculating what they will quote you. Which means there is often very little you can do the significantly reduce the risk to the insurer. For instance, a house in a high crime area that is miles away from the nearest police and fire station will be more expensive to insure. You can however still find other ways to bring down the cost of your premium. A good way to reduce the premium is to improve the security of your house with extensive security systems such as approved locks and burglar alarms as well as installing fire doors and fire alarms.

The best way to find the cheapest house insurance is to shop around and get several quotes. The companies that promise to do the searching for you aren't always the cheapest so make sure you get several quotes. We hope that the house insurance company directory can help you find and compare.