Save On Homeowners Insurance: What Not To Do

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Before you make that next purchase or home upgrade, be sure to check how much extra you’ll need to pay for your homeowners insurance rates.

The cost of your homeowners insurance rate varies on a number of factors—from the size of your home to its location to what you put in and outside of it. That trampoline that provides your kids with hours or entertainment? It could also be costing you extra on your home insurance premium.

Here are six items that could end up costing your more to insure:

1. Pets. Dog bites that occur on the owner’s property account for one-third of liability claims to homeowners. As a result, some insurers will reject or increase rates for homeowners with certain types of dog breeds. Or, say dogs aren’t your thing but ball pythons are. You may find exclusions in your policy related to exotic pets. Typically, however, you’ll have the option to purchase a separate exotic pet policy—at an additional cost, of course.
2. Pools. You won’t lose your insurance coverage because you’ve installed a pool, but you will see your premiums increase. In addition, you likely will have to pay extra to fence in your pool to prevent accidental drownings.
3. Jewelry. Your bling may require extra insurance bucks. We’re talking big-ticket items like engagement rings, which would require more to replace than the $1,000 to $2,000 coverage provided by typical insurance policies. This holds true for furs, artwork and other valuable personal possessions.
4. Guns. Having a gun in the home significantly increases the risk of accidental shootings. If you keep guns in your home, your insurer will likely require you to safely store them and will charge you more to cover the increase in risk.
5. Home business. If you are running a business out of your home, you’ll need to disclose this information to your insurance company. Likely, they’ll suggest you purchase a business policy to cover the cost of your equipment and any liability associated with customers visiting you at your home.
6. Trampolines. Yes, that trampoline in your backyard could increase your insurance premiums. Trampolines cause nearly 100,000 emergency-room visits each year. Many insurers have trampoline exclusion clauses in their policies and will require you to purchase additional coverage, as well as install certain safety measures, before they will provide coverage.

If you’re considering any of these items, be sure to call your homeowners insurance agent first. And if you just can’t pass up that squirrel monkey, consider these other ways to save on your homeowners insurance.

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