Property size and location have the biggest impact on home insurance costs, according to a new study. The figures state that the median price paid for a policy varies by up to £243 depending on the number of bedrooms in the property. On average, this affects premiums by £121 – more than any other factor considered in the research.

The figures are based on internal data from Go.Compare home insurance, which looked at the effect of eight key variables on home insurance prices. Now, the insurance comparison site is advising residents on which factors have the biggest impact on costs, and how they can get the lowest premium possible.

After size, location was found to have the biggest effect. The region the property is situated in impacts home insurance prices by an average of £119, only £2 less than the number of bedrooms it has. Overall, the median policy price varied by up to £230 based on location.

Roof type was also a leading factor, with median prices varying by up to £163 depending on the material used – an average impact of £82.

The research advised that factors within homeowners’ control can also have a noticeable impact. The lock type can impact premiums by £43 on average, and up to £82 in some cases  – something to be kept in mind when buying security features.

Although property size had the biggest impact, it was found that property type had very little effect. The median price changed by an average of just £2.50 depending on whether the policyholder lived in a flat, house or bungalow. The time of day the home is occupied also had a relatively small impact, at an average difference of just £10.

Nathan Blackler, home insurance expert at Go.Compare, said: “It’s well known that certain things can affect the price you’re given for your home insurance, but it’s really helpful to see which of these have the biggest impact and in what way they influence your premiums.

“Bigger properties have higher rebuild costs and usually more possessions, so the effect on your price is pretty significant. Meanwhile, some areas have higher house prices or see more claims due to crime and floods, which can also push up prices. On the other hand, using better locks and building materials can reduce the likelihood of a claim and bring premiums down.

“So, before moving or altering your home, it’s worth comparing policies to see how it might affect your premium and take any changes into account in your budget. This applies if you’re doing something like changing the type of lock on your front door. Look at which ones offer the biggest changes in your premiums before getting them fitted.”

More information on the factors that most impact home insurance premiums, including tips to bring down prices, can be found on Go.Compare’s website.