As consumers, we are all price conscious, seeking out the best value for our dollar. As an insurance agent, I not only want to save my client premium dollars, but need to advise on ways to keep exposure risks low. Our agency has been working with clients and carriers for more than 25 years and we understand the everyday matters which can affect homeowner’s insurance rates.
Many of the following items of concern can be addressed easily during a regular review of your coverage. If your insurance agent does not provide a regular annual review, be sure to ask for one. It is important to make sure that your current policy is adequate and keeps pace with the costs to repair or rebuild your home in the event of a loss.
A few things to think about which might negatively impact your insurance premiums include:
Pools & Trampolines (attractive nuisances)
While fun for the kids, these typical backyard additions can open you up to greater risk of injury to your family, your neighbors and your friends. Thus, premiums may increase, and in some cases certain items may be excluded from coverage under your current policy. Beware.
Wood Burning Stoves
Supplemental heating units, like a wood-burning or pellet stove, can be a risk to the safety of your home. If not properly installed, or non-compliant with current code, expect a higher premium on your homeowner policy. Have your installer provide proof of license and verify proper installation to avoid a higher rate.
Dogs – Breed Dependent
Although a part of your family, a dog can behave erratically when faced with stressful situations. In fact, 50% of dog bite occur on the owner’s property and account for more than one-third of insurance liability claims. Specific breeds including Rottweiler, Pit Bull or Staffordshire Terrier and Doberman Pinscher may be excluded from coverage altogether. The breed of dog you own could make it more difficult to secure Homeowners insurance. Investigate the impact BEFORE adopting a pet.
Home Security & Safety
Home security systems may help reduce your premiums and provided added peace of mind for your family. The installation of a monitored home security system should be reported to your agent right away.
Most homeowners add value to their home through remodels and other home improvements. The longer you live in your home, the more likely that you have put time and money into building materials and construction costs. Just as your home increases in value, so too should your coverage. It’s important to get replacement costs on the current value of your home, not an estimate of the value when your purchase was first made.
There are other factors that may also affect your annual premiums, but so too are there many ways to save. For the most up to date and accurate information please contact one of our agents today!