Insurance companies are a fickle friend – you need homeowners insurance for an endless number of reasons, but realtor.com warns of a few pitfalls that can result in hiked insurance rates or worse – policy cancellations. Here are some things to avoid owning, or if you do own, be prepared to pay a higher premium:
Swimming pool – consider anyone falling in, the liability coverage, and worst case scenario – wrongful death.
Trampolines and treehouses – An item likes trampolines or treehouses that can be placed around your house with associated risks of injuries or death is a red flag to your insurance company.
Certain dog breeds – If you’re a dog lover, you may want to run your dog’s breed by your insurance provider, as dog liability claims (according to realtor.com) have gone down, yet associated medical costs and settlements/judgement shave gone up.
Exterior upgrades – Taking your siding from vinyl to brick can add value, and also add to the cost of your insurance policy.
Other items, like playing host to Air BNB’ers more than 90 days, or filing frequent claims, can cause rates to sky rocket as well. For more on things to avoid, check out Jamie Wiebe’s article here.