11 Surprising Things Making Your Homeowners Insurance More Expensive

Charlotte Burr
Mar 19
3 min read

If you own a home, you’re required to have homeowners insurance, unless you don’t have a mortgage. When you’re required to pay for something, often times you look for the cheapest way to do so. That’s why we’ve created this list of things that may be making your homeowners insurance policy cost more.

1. Age of the Home:

Older homes can be more susceptible to losses due to wear and tear. Because of this, insurance companies typically offer lower premiums for newer homes. If you’re in the market for a home, you may want to avoid older properties and be sure to ask questions when buying.

2. Distance from Emergency Services:

Homes that are closer to fire stations and fire hydrants often receive a premium discount compared to houses in rural areas that are miles away from emergency services. It’s still a good idea to protect your home from fires regardless of location.

3. Pets

Dogs like Pit Bulls and Rottweilers can be expensive to add to your insurance policy, and many companies won’t allow them at all. If they bite someone, the incident may not be covered if they aren’t specifically listed on the policy. It’s always best to prevent dog bites altogether.

4. Home Size and Features

Bigger homes with high-value materials are more expensive to insure. If you’re planning to purchase a home, keep this in mind if you want to reduce insurance costs.

5. Deductible Amount

If you choose a low deductible like $500, your premium will be higher. If you have some savings set aside, selecting a higher deductible can help lower your monthly premium.

6. Swimming Pool and Trampoline

If you’re thinking about building a backyard pool, remember that insurance rates will increase, especially if you add a diving board or slide. You may also be required to install a fence. Having a trampoline on your property can also increase rates due to liability risks.

7. Home Security

If you install a home alarm system or monitored security system, it can help reduce your insurance cost. If you already have one installed, make sure to notify your insurance provider.

8. Expensive Valuables

Standard homeowners insurance typically covers items up to a few thousand dollars. If you own high-value jewelry, art, or firearms, these items may need to be itemized and will cost more to insure.

9. Credit Score

If you have a low credit score, insurers may charge a higher premium compared to someone with a strong credit score. Many companies believe homeowners with higher credit scores are more responsible with their property.

10. Multiple Structures

If you have a shed or barn on your property, it may increase the cost of your homeowners insurance. If the structure is unused or unnecessary, you may want to consider removing it.

11. Recent Insurance Claims

Too many recent claims on your policy can increase your insurance costs. Before filing a claim, consider the potential impact it may have on your future premium.

Controlling the cost of your homeowners insurance is easier than you thought. If some of the items on this list are increasing your premium, consider making the necessary changes to reduce your costs and save more

Independent insurance brokerage located in Tempe, AZ. We offer auto insurance, homeowners insurance, life insurance, renters insurance, commercial insurance…