When you have a home you plan to stay in for the long term, it is essential that you have all the features you need. However, you should know that some features are going to come at a cost to your home insurance before you decide to have them implemented in your home. We want to shine light on the home features that can negatively impacts your insurance rates so you are able to make informed decisions.
Wood-Burning Stoves
A wood-burning stove can be a really unique feature that can make your home feel comfortable and cozy, especially when it is cold outside. However, the potential dangers of a wood-burning stove make them far more likely to cause you problems in terms of the safety of your house.
Your insurance premium can be impacted if you have a wood-burning stove in your house or the home may be ineligible for some underwriting guidelines. Converting your wood-burning stove to a gas or electric fireplace can be a great way to keep the cozy feel without making your home insurance policy too much more expensive.
Pools
A pool is an amazing home feature that can improve the quality of life for many people. However, it also comes with inherent dangers that make it more difficult and expensive to insure a home when it has a pool. If you are set on having a pool but don’t want to increase your premium too much, you need to invest in safety features.
Handrails and a fence can make your pool safer. Having these elements on your home pool can show your insurance that safety is a priority and minimize the extra costs you have to pay.
Landscaping
You might not think that your landscaping has much to do with your home insurance policy, but it actually does. If you have significant landscaping, especially if it includes rocky elements, it can increase your insurance rate significantly. The rocks and other features can sometimes cause safety issues and other problems for your home. Before investing in any kind of landscaping project, you should make sure that you understand how it will impact your home insurance.
The features you have in your house should help it feel more like a home for you and your family. But some of those features are going to have an impact on the costs you pay in home insurance. Making informed decisions helps you to find the right balance between the features you want and your costs.
Here’s more to read: 3 Things to Know About Flood Insurance
LEGAL DISCLAIMER
Views expressed here do not constitute legal advice. The information contained herein is for general guidance of matter only and not for the purpose of providing legal advice. Discussion of insurance policy language is descriptive only. Every policy has different policy language. Coverage afforded under any insurance policy issued is subject to individual policy terms and conditions. Please refer to your policy for the actual language.
