Things That Raise Your Homeowner's Insurance Premiums

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Avoiding Renter's Regret: Understanding Renter's Insurance Coverage

Moving into my first apartment brought along a whole series of new experiences. I didn't realize that the property insurance my landlord carried wouldn't cover my belongings. I was lucky to find out before anything happened, and I spent a lot of time researching the difference between renter's insurance and the property coverage for landlords. I built this site to share all of the information that I learned, including the insurance coverage best practices I picked up along the way. If you're new to renting and don't have any renter's insurance, I hope the information here helps you to see how it could benefit you and what you need to do to get it.


Things That Raise Your Homeowner's Insurance Premiums

13 February 2015
 Categories: Insurance, Blog

Keeping your mortgage payments low is probably a budgetary goal you have, just like homeowners across the country. While it's extremely hard to reduce your mortgage payment or property taxes, there are a few things that raise your homeowner's insurance premiums. Taking action to remedy certain situations when possible, helps cut your insurance costs. Then, this helps reduce the amount you spend on your home each month:

Owning Certain Types of Dogs

A dog is certainly a member of your family, but owning certain types of dogs can cause your insurance premium rates to increase. Having a dog breed that is known to be dangerous, such as pit bulls and Rottweilers, can cause your rates to go up. This is because these kinds of dogs are more likely to bite someone, and having more insurance will help pay the costs associated with your dog biting someone else.

Having Certain Types of Entertainment

Swimming pools and backyard trampolines are enjoyable and entice your family and friends to hang out in your yard, but they can also drive up your homeowner insurance rates. Having a swimming pool or trampoline increases the risk that someone will get injured while spending time on your property. Many insurance companies require you to take out more insurance to pay the costs associated with injuries caused by pools and trampolines.

Having Expensive, Valuable Items

It's certainly nice to own expensive, nice things, but doing so can raise your homeowner insurance rates. For example, many insurance companies will insure jewelry up to a couple thousand dollars or so, but if your stash of jewelry is worth more than that, you'll need additional insurance to protect yourself from loss. These policies are often called floater policies or rider policies.

The Location, Security and Status of Your Home

Homes that are located far from a fire station might require more expensive homeowner insurance premiums because they are more likely to suffer extensive damage in the event of a fire. If you don't have a home security system, you might also need to purchase a more pricey insurance policy to cover any potential losses that can occur if your home gets broken into.

Homes that are in poor repair might also end up costing you more in terms of insurance. If there's a higher chance that something major will occur in your home, you might need to pay more to cover a potential catastrophe. To learn more, contact a company like the United Security Agency for information and help.