Getting Home Insurance? 3 Things That Can Increase Your Premiums

Posted on: 14 October 2018

If you are applying to get homeowners insurance from a local insurance provider, you will be asked a lot of questions about your home that influence the premiums that you pay. You may not be aware that the following things will cause you to pay more for insurance than you intended.

1. Wood-Burning Fireplaces

You may love that the fireplace is the focal point if your living room. Not only does it provide heat during the winter, but it creates a cozy atmosphere when it is running. However, that fireplace may be costing you money in the form of high insurance premiums. As you can imagine, having a working wood-burning fireplace is a potential fire risk in a home, and having one is going to cause your premiums to increase. Ask your insurance provider if changing the fireplace so that it is powered by natural gas will improve your premiums since that has a lower risk of starting a fire than a wood-burning fireplace.

2. Trampolines and Swimming Pools

Two outdoor items that can affect your insurance premiums are trampolines and swimming pools. As you can imagine, both of these items are a potential risk where people can get injured by using them. If that happens, the claim will be made against your home insurance policy, and your insurance provider will need to pay up.

In addition, swimming pools are an expensive item that can be damaged during big storms or vandalism. If your pool is covered by your insurance company, know that it is viewed as another expensive item that may potentially have a claim filed for it.

3. Dogs

You may love your family pet due to the love and companionship that they provide, but they may be the reason that your insurance has slightly increased. If your insurance company has asked about what kind of dog that you have, know that it's because they are trying to determine if they are a risk to biting others. Some dogs are seen as more of a risk for biting, such as pit bulls, and will result in having higher insurance premiums. Let your insurance company know if you no longer have the dog, since you may see premiums drop as a result

If you have any questions about what is influencing your home's insurance premiums, don't hesitate to reach out to your insurance agent with the concerns that you have.


Little-known Insurance Tips

While I have had auto insurance ever since I bought my first car at 16 years old and home insurance ever since I bought my first home several years ago, I have to admit that over the years I knew very little about insurance. I tended to just look at the price of the coverage and sign the paperwork without really looking into the pros and cons of each policy. After my friend was in a car accident recently (thankfully, she is okay!) and she said she had to pay for some of the damage to the other vehicle out-of-pocket even though she had a minimum state coverage auto insurance policy, I decided to put a lot of careful research into insurance policies and what they really offer. I want to help others by sharing the information I have learned on a blog. I hope I can help you!