Category: 
October 17, 2007
Homeowner’s insurance, like all other types of insurance, varies from state-to-state. Insurance on our home is one form of insurance that we really don’t have the option of buying or not buying because our mortgage company requires it. There are many things which affect home insurance premiums, some of them we can change and some of them we cannot.
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It is important to understand that all insurance descriptions, terms and definitions presented anywhere in this blog are stated in general terms and are for informational purposes only. The insurance laws of your state will apply and so will the terms and conditions of your individual insurance policy. Some Of The Things Used To Determine Home Insurance Premiums Replacement Value Of The Home |
The Location Of Your Home
Normally if your home is within 5 miles or less of a responding fire department, your insurance rate would be lower than if your home were out in the country where it would take a fire department some time to respond to a fire. Also, the location of the nearest fire hydrant may affect your home insurance premium.
Protective Devices
The largest insurance discounts for protective devices will most likely apply to central station fire and burglar alarms, where they are actually monitored. Some insurance companies offer smaller discounts for local alarms, fire extinguishers and dead bolt locks.
Swimming Pools and Trampolines
Many insurance companies will not even offer home insurance for a home with a trampoline. Others may insure the home but may require a “Trampoline Exclusion” to be signed, whereby they waive all liability for any claims resulting from the trampoline. Homes with swimming pools can be insured, but many insurance companies require a four to five feet fence with a locking gate around the pool.
Pets and Exotic Animals
Dog bites have been a major liability claim expense for insurance companies. Some insurance companies will not insure a home where there are pets which are known to have a vicious nature, i.e. Pit Bulls, Rottweilers, etc. Other companies may insure the home with an “Animal Exclusion” endorsement.
Other Things Which Influence Home Insurance Premiums
- Credit History
- Previous Home Insurance
- Previous Home Insurance Claims
- Insurance Deductibles
- Added Endorsements
So, by considering some of the things that affect home insurance premiums, you may see ways to lower the premiums on your current home insurance policy or you may see some things you might want to look for if you are currently shopping for a new home.
Other Insurance Maze Posts of Interest:
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- Life Insurance On Children-Is It A Good Idea?
- Health Insurance-What Should We Look For In A Good Health Plan?
Insurance For Tennessee
If you live in or are relocating to the great state of Tennessee, we can help with your insurance needs: Auto, Home, Life, Health or Business.
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