"Insurance rates" is a generic phrase used in casual conversation that is more often referred to as insurance premiums by providers. It is the price buyers pay to acquire a certain amount of insurance protection.
Insurance rates are based on a variety of factors. Rates vary from one product to the next and are usually stated as the rate per annum or month for particular amount of coverage.
Factors used to determine your insurance rates vary by specific product type (home, auto, commercial, etc.), but generally relate to level of risk taken on by the provider and the level of protection. The greater the risk of payout on the policy, the more you pay to offset that risk.
Insurance rates, or premiums are paid by consumers or businesses in exchange for a guarantee of claim payout for a covered event. The value of an insurance policy is a comparison of how much you pay versus the intangible peace of mind and protection you receive in return.