5 Little Known Facts About Home Insurance

Apr 27, 2017

1. Not One Size Fits All

Home insurance comes in a variety of different policies, so it makes sense to explore options that work best for you. Some variants for insurance policies include:

  • The type of policy: HO-3 policy for specific, named disasters, HO-5 policy for personal property and structure, and HO-6 for condo insurance
  • Coverage: Cash value coverage, replacement value coverage, extended replacement coverage

2. Credit

Your credit can change how much you pay for home insurance. In a recent survey conducted in 2015, people with medium or fair credit ended up paying almost 32% higher rates than those with great or excellent credit.

3. Pets Can Affect Your Insurance

Although a dog is certainly part of the family, there are specific dog breeds that can demand a higher premium. Insurance companies often view “aggressive” dog breeds as a liability because of potential dog bites.

4. Maintenance and Upkeep

Taking care of your property and the area around can help trim the home insurance bill. Making sure dead or dying trees are removed can save you money on premiums This will reduce the risk of a tree falling and damaging your property. In fact, if you submit an insurance claim and an adjuster finds that a problem may have existed before the event that triggered the claim, you may be denied.

5. Home Inventory

Always create a home inventory list and regularly update your belongings. Knowing what you have in the event of an emergency can make the claim process run much more smooth and efficiently. In the event of a total disaster, it is a good idea to save a copy of this inventory list at another location. Keep it with a friend, family member, or in virtual storage.