Choosing Great Insurance

Posted on: 19 December 2017

Homeowners insurance is designed to be a financial safety net that protects your home and the belongings in it. Many homeowners have to carry homeowners insurance since most mortgage lenders require it, but it is important to note that homeowners insurance premium rates are not set in stone. It is possible for your homeowners insurance rates to increase for a number of reasons. Some of the common reasons homeowners insurance premiums go up include:

Owning Certain Dog Breeds

Adding a dog to your family can bring everyone a lot of happiness and joy, but owning some dog breeds can cause your insurance premiums to go up. Some insurance companies charge higher premiums for homeowners who own dogs that are considered to have a higher risk of biting or attacking someone. Breeds that can cause homeowners insurance rates to go up include pit bulls, chow chows, akitas, doberman pinschers, rottweilers, Staffordshire terriers, and German shepherds. 

Building a Swimming Pool

A swimming pool can provide many hours of fun and entertainment during the warm summer months, but after having a swimming pool built in your back yard, you can expect your homeowners insurance premiums to go up. When you have a swimming pool, there is a greater risk of accidental drownings or injuries to others who are using your pool. If you have a pool built, installing a secure fence around the perimeter of the pool may offset part of the premium increase.

Purchasing a Trampoline

Most kids love trampolines and often beg their parents to purchase a large one for the back yard. While a trampoline may be very entertaining for children, owning one can greatly increase the risk of a child being injured on your property, so insurance companies increase your rates. Trampoline injuries can be very severe, so if you do choose to purchase a trampoline for the back yard, make sure to take as many safety precautions as possible in order to try to prevent injuries.

Increase in Crime in Your Area

Unfortunately, your homeowners insurance rates can go up even if your home has never been broken into and you have never have to make an insurance claim. If the number of burglaries and thefts in your neighborhood increases, you will most likely see your homeowners insurance rates go up. When insurance companies see a sharp increase in property crime in an area, they typically consider the homes in the area a higher risk to insure.