Things That Can Increase The Costs Of Your Homeowner's Insurance
The home you live in is probably one of the most valuable assets you have, and that is one of the reasons you should always have home insurance covering it. Home insurance is an expense you will have for as long as you own the house, and the premiums you pay are affected by a number of different things. Here are some of the things you should know about that may cause your premiums to increase.
Adding a wood burner or fireplace
If you are thinking about buying a house with a wood burner or fireplace, or adding one to your existing house, you should expect to pay a little more for this. Having a device in your home that burns wood or gas can be an extra risk for your home. If you decide to add one of these, you should make sure you maintain it well and add coverage for it on your homeowner's policy.
Installing a pool or hot tub
Adding a pool or hot tub is another type of risk you will have to account for on your homeowner's insurance, and that is why you should call your insurance agent if you decide to add one of these. With a hot tub or pool, there is always the risk of injuries occurring or even death. Because of this, your policy is likely to increase due to these added risks. You may also need to increase the liability amount of coverage on your policy too, simply to protect yourself.
Remodeling your home or putting on an addition
If you ever decide to remodel your house, or even add extra living space to it in the form of an addition, you should talk to your insurance agent. Doing either of these things will likely increase the value of your home, and you may need to bump up the coverage you have to compensate for this.
Filing a claim
Filing a claim on your policy could also lead to an increase in your rates, but this varies by company. You can ask an agent if this would affect your policy at all or if you would like to learn more.
If you do any of these things, you should notify your insurance agency. The agent can recalculate your quote for insurance coverage based on the new additions you have or new factors in your life, and you should make a habit of updating your policy every year, simply to make sure that you cover everything you own and account for new risks you may have. Visit a website like thesanfordgroup.net to learn more.