You buy homeowners insurance to minimize your risk should a loss occur. The following factors can make a home a greater risk to insure. Keep these in mind if you are shopping for a new house.
- Pets – Owning certain breeds such as German Shepherds, Great Danes, Pit Bulls, Dobermans, Rottweilers or Akitas that are considered aggressive, could raise your rates and premium.
- Bad Credit Score – A low credit score caused by late payment of bills could result in a higher homeowners premium.
- Location – As in real estate transactions, the location of a home does matter. If you are a hurricane-prone area, along the coast, in “tornado alley” or in an area known for sinkholes, you can expect to pay more for your insurance coverage. This also applies to areas that have higher crime rates.
- Trampolines – result in approximately 92,000 hospital visits a year.
- Fire Concerns – Living too far from a fire station or a hydrant could raise insurance rates.
- Poor Maintenance – Insurers may raise rates or cancel a policy altogether if homeowners don’t keep up with maintenance. Leaky roofs, dripping pipes, old and damaged fences and poor water seals are just some of the items to watch out for.
- Claim Frequency – If you file multiple claims, you may be viewed as a higher risk. Some smaller claims are better not filed if they are going to raise your premiums.
If you feel that any of these items may pertain to your home, be sure to speak to us at Berkely Brokerage Corp. to help minimize your risk. We will work with you to help keep your home safe and properly insured. Many of these factors can be corrected to help you save money on your homeowners premiums.
