Most homeowners don’t give much thought to their annual insurance premium. After all, it is paid as part of the mortgage and renews automatically. However, those premiums can run hundreds of dollars each month, and there are some things that can seriously impact how much you pay. Here are four common things that affect your homeowner’s insurance.
- Woodburning Stoves
If the idea of gathering around a fireplace or wood stove is appealing, you might want to check with your insurer first. Many have restrictions for wood-burning heating units in the home. Scheduling an annual cleaning service and making sure any needed wood stove chimney repair Washington DC is completed properly may be all you need to do.
- Specific Pets
Most people know that certain dog breeds can be a red flag for insurance companies, but there are other restrictions. If you have given in to those repeated pleas for a pony, for example, your insurer may find that unacceptable. Even a flock of backyard chickens may be cause for a premium increase or loss of coverage. Double-check before you add any pets to your family to be safe.
- Age of the House
Older homes pose some unique situations for insurers. Sometimes it is construction materials that would be hard to duplicate on a rebuild. More commonly, however, it is the age of building materials that are more concerning to your insurance provider. An older roof, for example, is more susceptible to storm damage than a brand new one.
- Outdoor Play Equipment
Having a safe and secure area for your kids to play in the yard while you supervise sounds like a dream arrangement for parents, but your insurance company might disagree. The same things that your children love can easily attract unsupervised and uninvited guests. They can also cause injury when used improperly. Be sure to talk with your agent before you commit to any of these popular backyard play features:
- Play structures and swingsets
What you pay for insurance shouldn’t define your family decisions. However, you should advise the insurance company of any changes such as adding a pool or upgrading the roof just to be sure.