Your home is a major investment, and you want to protect it. But certain features could make your property insurance premiums higher, so it is important to know what they are so you can make your decisions wisely and potentially prepare for a higher premium.
What are the factors that could raise your premiums?
If you have water damage in your home, you could be required to pay for the cost of removing it. If you have copper pipes, it can be necessary to replace those if they aren't up to code. Do you have gas in your home? If your gas meter is outdated, you'll have to replace it to stay up-to-code.
If you've got a professional builder, it might be important that they insulate the concrete basement walls with fireproofing material. You may also need them to replace your roof if it is in bad shape.
Most home insurance companies will look at the roof condition before deciding to insure your house. Homes with stone foundations require special attention to waterproofing. The most important factor is the drainage system. You may also need to repair damage to your foundation.
How to figure out if you have a higher premium due to these factors
Certain types of home insurance premiums can increase due to homeowners who don't maintain their home in the first place, like an increase in your home's market value.
Other types of property insurance premiums could rise due to damage caused by hazards, including roof leaks and fire damage. Homeowners could also face higher premiums for areas in which they have not maintained the yard.
What can you do about it?
If you've just moved into a new home, property insurance may not be an immediate concern. But when you move to a new neighborhood, things can change.
You may end up having to make expensive repairs, and if that happens, your insurance premiums can go up. There are a few things you can do about the increasing premiums. For example, you can ask the seller if they have any special deals. You can also try to get lower rates by taking advantage of special discounts or incentives that your agent or broker may be able to offer you.
As you consider the various home features that can raise your insurance rates, make sure you know what they are and make sure you avoid them. If you avoid them, you can expect lower insurance premiums, and you should have more money in your pocket.
At Black and Associates Insurance, Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (509) 464-0058 or Click Here to request a free quote.
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