Homeowners Insurance: Features to Watch Out for That Can Increase Costs

When it comes to homeowners’ insurance, certain features in your home can significantly impact the cost of coverage. Understanding these features and their potential impact on insurance premiums is essential for homeowners. In this article, we will discuss the features that can drive up the cost of your homeowner’s insurance. By being aware of these factors and taking appropriate measures, you can mitigate potential increases in insurance costs and protect your home without breaking the bank.

Age and Condition of Your Home: Older Homes May Cost More
The age and condition of your home can influence insurance premiums. Older homes typically have a higher risk of structural issues, outdated electrical systems, or plumbing problems, which can lead to increased insurance costs. To mitigate this, ensure regular maintenance and upgrades to minimize potential risks and demonstrate to insurers that your home is well-maintained.

Location and Proximity to Risks: Impact on Insurance Rates:
The location of your home and its proximity to certain risks can affect insurance rates. Homes located in areas prone to natural disasters, such as hurricanes, floods, or wildfires, may face higher insurance costs. Additionally, living near high-crime areas can also increase premiums. While you may not be able to change your home’s location, taking preventive measures, such as installing security systems or reinforcing your property against natural disasters, can help reduce insurance costs.

Swimming Pools, Trampolines, and Other Liability Hazards:
Having certain features on your property, such as swimming pools or trampolines, can raise liability concerns for insurers, leading to increased premiums. These features pose risks for accidents or injuries, which may result in costly liability claims. If you have such features, taking safety precautions, such as installing proper fencing, safety covers, or implementing rules for usage, can help mitigate these risks and potentially lower your insurance costs..

Dog Breed and Liability Considerations:
If you own a dog, the breed can impact your homeowner’s insurance. Some breeds are considered higher risk due to their potential for aggression or bites. Insurance companies may charge higher premiums or exclude coverage for certain dog breeds. It’s important to disclose accurate information about your dog to your insurance provider, and in some cases, you may need to obtain additional liability coverage or seek coverage from a specialized insurer..

Understanding the features that can drive up the cost of homeowners insurance is crucial for homeowners. By being aware of the age and condition of your home, considering the location and proximity to risks, addressing liability hazards like swimming pools or trampolines, and understanding the implications of your dog breed, you can take proactive measures to mitigate potential increases in insurance premiums. Consult with your insurance provider to discuss any concerns and explore available options to protect your home and belongings without compromising your budget.
It is vital to be prepared for insurance costs even during the home shopping phase. Explore these conversation topics with your Insurance Provider in Advance.
Take time to review and understand the exclusions in your policy to know what is and is not covered.
Ensure that you schedule an annual review with your Insurance Provider.
It is also helpful to take a written and video inventory of your personal belongings to ensure coverage in the event of theft or loss.
We have a team of amazing Insurance Brokers available to support our clients and answer your questions, so please reach out to your local Realtor, Shaunte Cruse, for a proper introduction.
For more valuable insights on homeownership and insurance, explore the NW Home Collective blog page.

Your Oregon Realtor®