An insurance premium is the monthly or annual payment you make to an insurance company to keep your policy active.<br />According to Business Insider, the more risk you pose to the insurance company, the higher your premium will be.<br />Premiums for homeowners insurance are often determined by several factors outside of the homeowner's control.<br />An insurer will consider your home's location, as well as the size, age, and build of the home. <br />
