Your credit scores will definitely have control over your finances. Not only does it play a vital role on your loans and rentals, but it also affects your insurance premiums. Those with poor credit rating will pay more on insurance than those with excellent credit scores.
Currently, only California, Maryland, and Massachusetts prohibit the use of credit scores in determining home insurance rates. Thus, if you live outside these three states, you need to keep your credit in top shape to save a substantial amount of money in the long run.
Some dog breeds may void your home insurance or make it expensive.
You may be surprised that the dog you love so much can be problematic when it comes to home insurance. Since a standard coverage includes liability for household members, including pets, insurers are very particular about the dog breeds they will insure. If you must know, dog bites make up about a third of all liability claims. The average cost of such claims is $30,000.
Therefore, certain breeds may be blacklisted or may cause you to pay a more expensive home insurance. Here is the list of dogs that may not be covered by your insurance:
- German Shepherd
- Doberman Pinscher
- Pitt Bull
- Great Dane
- Alaskan Malamute
- Siberian Husky
- Staffordshire Terrier
- Wolf Hybrids
- Chow Chow
- Cane Corso
- Presa Canario
If your dog is one of these breeds, consider buying an inexpensive umbrella policy. You may get up to $1 million worth of coverage for only less than $300 a year.
Your home insurance will not cover everything.
A typical homeowners insurance policy will cover you for many things. However, it will not cover everything. Most policies state that for an event to be covered, it must be sudden and accidental. That means if you’ve had water damage for months now, it won’t probably be covered because you’ve neglected proper home maintenance.
Also note that not all “sudden” events are covered, such as floods and earthquakes. You may need to get a separate coverage for that. In addition, mold and sewer backups may not be covered as well, unless you buy additional coverage for it.
Your equipment and inventory for your home-based business will not be covered as well. They require a separate business insurance policy. Another type of policy is also required if you turn your home into a rental or vacation property.
Lastly, certain personal belongings will have coverage limits, such as jewelry, artwork, firearms, computer equipment, and silverware. For any special valuables you own, you may want additional coverage for that.
Various factors influence your home insurance rates. So, never hesitate to ask your insurers about any discounts.
Consider increasing deductibles - if you have enough money to cover an event – as it helps in reducing your premiums.
Western Pacific Insurance offers various home insurance products that you can get for a reasonable price. Get free homeowners insurance quote from us. Talk to one of our agents by calling (702) 932-3105 or visit us at our office today! We look forward to assist you.