Insurance Rate Increases
Investing in the right homeowners insurance policy is vital to ensure that your home is protected from any unfortunate situation. While it is a necessary expense, it does not have to be your most expensive bill each month. Unexpected premiums increases can lead to financial woes. Make sure to avoid these common factors that can lead to rising home insurance rates.
- Attractive nuisances – any fun but dangerous item in your home that will increase your liability is considered an attractive nuisance. Items like tree houses, trampolines, and dogs are considered attractive nuisances and can lead to higher insurance rates.
- Risky structural elements – some structural elements are already in place when you move in, such as a wood-burning fireplace, which can raise your insurance costs. Any element of your home that insurance providers may find risky can lead to higher home insurance premiums.
- Luxury items – typical earrings, watches, and artwork will be covered under the personal property coverage that is provided by your home insurance. However, if you have any valuables, such as a fine art collection, it may require you to invest in a whole separate policy, which can add extra costs onto your policy.
- Your neighborhood – although you cannot change your neighborhood, it can change your home insurance premiums. If there is an increase in burglaries or fire claims in your neighborhood, you may see an increase in your rates.
- Home business – home businesses require lots of equipment to be successful, such as computers, printers, scanners, desks, and more. All the extra items that you need for your business will add extra risk to your home insurance, causing the rates to increase.
Contact the insurance professionals at Martplan Insurance Agency in La Habra, California for all your homeowners insurance coverage needs and to ensure that you have the right amount of protection.