Date Posted: 2012-07-23 01:30:25
Site Posted: Myproperty.ph
Homeowners are constantly reminded of the importance of getting home insurance to protect their properties. Despite that, there are those that opt to forgo this option because of the high rates that they have to pay. However, did you know that you may be the one driving up your insurance rates?
As important as your property may be to insurance companies, they also want to protect themselves from legal liabilities that can result from accidents in your home, and this is what's causing your inflated rates. Here are some factors that insurance companies use to justify their high charges.
1. Firearms – People who live in a home with guns have a higher risk of getting hurt or killed. Insurance companies need reassurance that guns are safely stowed and are kept from children at all times. If you hide your gun ownership from your insurance provider and something happens, they can refuse your claim for failure to disclose.
2. Dogs – No matter how friendly we claim our dogs are, insurers know better, especially if you own particularly aggressive breeds like Rottweilers and pit bulls. Some providers might insist that you get a policy excluding coverage for dog bites, while other will impose higher premiums. Putting your dog through obedience school is one possible way that you can get reduced rates.
3. Expensive jewelry – Although typical insurance do cover valuables like jewelry, there is a limit to how much they are willing to pay out in the event of theft. This means that if you want your most valuable jewelry to be covered, you have to have them appraised to get their actual value, and you have to pay more in premiums.
4. Swimming pools – As fun as it is to have your own pool in the backyard, it’s also a health hazard, especially to young children. Insurance providers will cover your house, but they will need to see that you’re following safety guidelines like building a fence with a childproof lock around the pool. Even then, since anything can happen, they will require that you pay higher rates.
You don’t have to get rid of these elements in order to get lower insurance rates, but to skip insurance altogether would be neglectful as a homeowner. If you know what’s important to you, you have to take steps in protecting them.
Jillian Cariola, Writer
(cover image by phaewilk)
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