Absolutely not. While gas or electric appliances*, such as a stove or clothes dryer, may affect your utility bill but not your home insurance premium.
Insurance companies base the cost of your home insurance on how likely you are to make a claim and what that claim is likely to cost them. Generally speaking, the lower the risks, the lower the premium.
Here are some factors affecting your premium:
-
Replacement cost
This represents what it would cost to replace your home in the event it is destroyed.
-
Age, location and size affects replacement cost.
Insurance companies consider the types and costs of claims by cities and neighbourhoods when factoring premiums. Your home’s age and square footage can also make a difference.
-
Type of residence (single-family, seasonal property, etc.)
If you share your home with roommate/tenants or use it as a secondary residence, let your insurance company know.
-
Heating, plumbing, electricity, roofing
Certain types of heating (wood stove), wiring (knob and tube) and plumbing (lead) pose a greater insurance risk.
-
Distance from fire hydrant, fire station, etc.
How far you live from a water source may affect your premium.
-
Claims history
Past claims are considered in your rating.
-
Additional coverage/deductibles/discounts
The more comprehensive your coverage, the higher your premium may be.
-
Crime and fire rate of home’s location
Locations with high crime rates or distant access to fire protection are considered.
For more information, review IBC’s Managing Risk in an Uncertain World.
*Note: Furnaces or baseboard heating are not included in the definition of “appliances”