Things That Can Change Your Home Insurance

Insurance can be a funny thing to have to purchase and learn about. There are so many things that go into what is protected and what is not. You may not think that everyday life occurrences can decrease or increase your premium. For this reason it is important to understand your policy and have a good relationship with your company so that you feel comfortable asking questions. This article will look at home insurance. There are many things that could potentially affect your premium and if you are aware of them then you are able to plan accordingly.

As many people are struggling in the economy they often look for ways to make money outside of the workforce. If you live in a house that has a garage apartment or even a basement suite then you could probably rent them out to people and earn a little extra income. In both of these home additions there would be a separate dwelling place for someone to live complete with a bathroom and a kitchen. An insurance agent would look at the space and help you determine how it would factor into your policy. If you are planning on having a family member in the space then you will probably see no extra cost. However, if not then it could be considered a multi family dwelling rather than a single family. You insurance company would advise the extra coverage to protect against any injuries or damage. Yes, you want to be honest even if your premium goes up because you can end up being the one in trouble if there is a problem and your insurance company denies your claim.

Believe it or not, your children will also play a role in your home insurance quotes. This can work in your favor or against you depending on your situation. Since children tend to be accident prone you would want more coverage to protect against accidents, but insurance companies also see children as having a claiming affect on home owners and they may give a discount to you over someone who doesn’t have kids and all the responsibilities that go into raising one. If you do see an increase in your rates, talk to your agent and see how you can lower it. Sometimes by professionally baby proofing your home, having you child attend home safety classes, or even adding safety features on your home, you can see your rates go back down.

Also check with your company about their policies regarding pets. Unfortunately, our fury friends can increase our premium because of their risk of damage and accidents. Breeds and species play major roles into what an insurance quote would be.

If you are unsure or looking for a new company it is always best to shop around for home insurance quotes. The more you stay informed about what all the competitors are offering, the better your chance of having the lowest home insurance rates possible. Start by researching the different companies and see what they cover and what they do not. From there you will be able to narrow it down based on the quotes that you received.

 

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