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Three Circumstances that Can Raise Your Home Insurance Premium
Home insurance is one of the most important and necessary coverages you’ll purchase in your life. As a homeowner it can insure that you will be financially covered should any damage come to your home, or harm come to you or any of your guests while at your home. Premiums are different for every homeowner. Every policy takes into account individual risks that each home possesses. While you can mitigate these risks as they come, here are three circumstances that are likely to increase your premium.
- Home businesses – There’s a reason that there is a whole industry for business insurance. Covering businesses is risky business, there’s a lot of expensive equipment that if damaged or stolen would need replacing. Running a business from your home will undoubtedly increase your rates.
- Irreplaceable items – Your grandma’s heirloom engagement ring, the original Warhol your great aunt accidently bought in the 50s, these items are essentially irreplaceable. And, will certainly increase your rates. The reason being that if something happened replacing those items will be impossible to reclaim, no matter how much of the claim is paid.
- Attractive Nuisances – Awesome home additions like, pools, tree houses, and trampolines can increase your rates significantly. Anything that that could possibly harm your guests while they are in your home, this includes dogs, will clearly raise your rates. No matter how much you baby-proof them.
Each of these circumstances are very obviously risky to insure. It’s no surprise that each of these will increase your rates. While that may seem frustrating for some homeowners, nobody likes to pay too much, it’s very logical. If someone hurts themselves on your diving board, your home is burgled and your entire line of cosmetics you sell from your home is taken, or your irreplaceable paintings are destroyed in a fire, you’d expect your insurance company to act. Increased rates in these circumstances allow insurance companies to do so.
If you have any questions about how much your premium will raise, or how exactly your increased premium will compensate your loss, ask your Viera Insurance Agent today. We are happy to explain to your coverage and how we can get you the best rate possible.
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