Home insurance can be tricky to navigate or understand, which is why here at OIG Insurance, we try to facilitate the process as much as possible. There are plenty of little-known factors that can affect insurance coverage and premiums, or the monthly price of insurance. To make homeowners insurance easier to understand, here are some details you should disclose about your home to your insurer:
- Whether You’ve Remodeled Your Home
- Oftentimes, people will remodel to increase the value of their home and/or strike up a change of pace. Remodeling your home can also affect insurance premiums by increasing them, because the house has become more expensive to rebuild. It’s in homeowners’ best interests to update their policies, though, to ensure they have full coverage.
- Whether You Own Pools or Trampolines
- Even though pools and trampolines are nice amenities, they also entail added risk. Because of the risk of injury, they can increase insurance premiums. You may even be held liable if people are injured while using them, whether you gave them permission or not.
- The Age of Your House and Materials Used to Build It
- Older houses and homes made of wood have higher premiums. As homes age, they deteriorate faster and require higher replacement costs. Homes made with brick or concrete are generally considered more sound.
- Your Proximity to Resources and Services
- You may want to mention your home’s proximity to a water source or fire department. In addition, the quality of your community’s fire protection services can benefit your premiums.
- Whether You Have Home Security
- Home security can encompass aspects from fire and security alarms to up-to-date locks. Not only does this protect your home, but also it can help reduce premiums.
- What Type of Dog You Have
- Dog breeds with a reputation of being aggressive can face limited to no coverage. Dog bites actually account for 1/3 of homeowners insurance liability claims.
Homeowners policies differ from person to person, so feel free to ask insurance agents questions for a fuller understanding and more personalized insurance policy. The devil is in the details, as they say, and so is the breadth of your insurance coverage.
*This information was provided by The Simple Dollar and Wells Fargo.
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