What are the Factors that Can Affect Your Home Insurance Premium?
There are many factors that can affect your home insurance premium. Some of these factors are within your control, while others are not.
Finished Basement
If you have a basement in your home, your home insurance premium may be higher because you will need to insure any items or features in the basement as you would with any other living space in your home.
This means that you will need to purchase more insurance coverage. It is advised that you insure any features in your basements, such as a home theatre, gym, bathroom, or other rooms. You don’t want to discover that you’re not insured for these spaces and items after you experience a loss.
Be sure to share details about your basement with your insurance broker, including whether it is finished, partially finished, or unfinished. It is important to have adequate protection.
Renovations and Betterment
If you have made any recent renovations or improvements to your home, you may want to consider increasing your home insurance coverage. Your insurance policy should be reviewed and updated every time you renovate or improve your home. This is to ensure that your home insurance policy covers the current value of your home and any new additions or improvements.
Pool, Hot Tub, Jacuzzis
If you have a pool or hot tub, you will need to insure these against any damage. Your home insurance policy will not cover these features, so you must purchase additional coverage.
Your pool or hot tub should be covered against any liability claims that could occur, as well as any damage to the pool or hot tub itself. Be sure to discuss your pool or hot tub with your insurance broker to ensure that you have adequate protection.
Home-Based Business
Operating a business from your home will not have an effect on your home insurance premium. This is because a home insurance policy may not cover a business owner who operates their business from home.
If you have a home-based business, even if it is part-time, you should look into getting a home business insurance policy to make sure you are fully protected. A business insurance policy can cover liability, damage to business property, business interruption, errors and omissions, employee liability, and more.
Wood-Burning Stove
A wood-burning stove can be a fire hazard and will likely increase your home insurance premiums. Many insurance companies require that these stoves be professionally installed and certified to be covered.
There are a few things that you can do to help offset the cost of increased home insurance premiums if you have a wood-burning stove. One option is to install smoke and carbon monoxide detectors in your home.
These devices can alert you to a fire or dangerous levels of carbon monoxide, which could help prevent serious damage or injury. Another option is to purchase a higher deductible policy. This means that you will be responsible for paying more out of pocket if something happens, but it can also lead to lower overall premiums.
To Sum Up
There are a number of factors that can affect your home insurance premiums. Some factors are within your control, while others are out of your hands. However, there are a few things that you can do to help keep your premiums down. One option is to shop around for the best deal. Another option is to raise your deductible. A higher deductible will mean that you will be responsible for paying more out of pocket if something happens, but it can also lead to lower overall premiums.
Work with the best home insurance brokers here at Kirkham Insurance. We are one of the leading insurance companies in Lethbridge, Canada that offers a wide range of insurance coverages. Get in touch with us.
