Factors that affect a Homeowners Policy - Temecula Insurance Agency - Carver for Auto, Home, Life & Health

Factors that affect a Homeowners Policy

  • It's always important to know what can affect the cost of your Homeowners Policy.
  • Homeowner's insurance is property insurance that covers losses and damages to an individual's house. Homeowner's insurance also provides liability coverage to protect injury to others in the home or on the property.
  • We'll be covering what factors can affect your Homeowners Policy, which could also change your monthly premium.
  Why is Homeowners Insurance Important? A homeowners' insurance policy is important because it usually covers four specific incidents on the insured property. It will cover interior damage, exterior damage, loss or damage of personal assets/belongings, and injury that arises while on the property. 10 Factors that can affect Homeowners Insurance Rates 1. Age of house and roof–and materials When the seasons change, so does the weather. The climate can cause severe damage to your property. This would require material, labor cost, and over time repairs. 2. Dog Bites We consider aggressive Pet Breeds dangerous. 50% of Homeowner's insurance policy claims are dog bites. 3. Marital status Married couples have an advantage with these policies. Married couples file fewer claims than a single person does. Statistics show that married couples take more mature actions, which are less of a risk for the insurance company. Home Security and Safety 4. Having a Home Security System in your home is always safe, but did you know that it could also get you a discount on your Homeowner's policy? Tip: Replacing locks, bolts, or chains with security systems gives the insurance company extra reassurance that you’re double protecting your property and your belongings. 5. Having a Swimming Pool or Hot Tub Did you know that if you have a swimming pool or a hot tub, it will raise your premium. The luxury of having a pool or a hot tub always sounds nice for entertainment;However , if you have water damage to the property, you will need additional liability coverage. As an example, homeowner policies include a minimum of $100,000 of liability protection. The Insurance Information Institute recommends that pool owners increase their liability amount to $400,000 or $700,000. 6. Your Home is located near a Fire Department You’ll find yourself in luck if you’re near a Fire Department. The Fire Department will help keep your home safe from the major fire damage or smoke debris. It’s an estimate that Homeowners living near the Fire Department will pay 4% less for their policy. 7. Coastline or Body of Water Living close to the water is nice for those hot summer days. However, if a major hurricane or tsunami happens, your property can be destroyed. That’s why those who live along the coastline or body of water will need to purchase a separate deductible to ensure that it covers their property in full. * Please remember that Flood Damage is not included in a regular Homeowner's policy and therefore will need to be purchased separately. 8. Loss History A Loss History Report is a record of insurance losses associated with a home or a car. A loss run is a report generated by your insurance company showing the claim activity on each of your insurance policies. The loss run serves a number of purposes, including the following: Informational: This will allow you to see the details regarding any claims on your account. Initial Assessment: This will help the insurance decide the risk level of insurance loss and how much your monthly premium would be. Ongoing Assessment: The ongoing assessment allows the insurance company to decide, whether or not the insurer’s policy should continue running. Keep in mind there are state laws requiring the insurance company to provide loss run reports with specific details and time frames. 9. Home Remodeling It’s always exciting to remodel your home. You add in a new island to the kitchen, build an extension to the living room, or update the bathroom. You have now added value to your home, so always make sure you update your insurance coverage during and after doing so. It will add to the cost of coverage because of the improvements that are being made, along with the expenses it took to construct the property. Constructions cost may increase your premium, but better safe than sorry when protecting your investment. 10. Home-based Business If you work from home insurance coverage will vary depending on the equipment you have stored in your office. The insurance representative will also take into consideration if you have any clients coming in and out of your home office. This is more of a liability for the safety of others and will fully cover any client mishaps. It will increase your policies premium. Consider adding an endorsement to your homeowners' policy or purchasing a business owner’s policy. What You Can Do
  • Contact your insurance agent and review your coverage every year.
  • In addition: Bundle your policies to save more every month
  • Purchase umbrella liability insurance to protect yourself against claims that may exceed your current coverage limits.
  For additional information or help with a new policy Contact Carver Insurance Services Inc. at one of their two locations: https://insuredbycarver.com  40525 California Oaks Road Suite E-6 Murrieta CA 92562 Phone: 951-677-9600 33321 Temecula Parkway Suite 102 Temecula CA 92592 Phone: 951-676-0540

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