Hello Dan The Real - Real Estate New You Can Use..
Is this email not displaying correctly?
View it in your browser .
Dan The Real Estate Man
Dan The Real Estate Man
REALTOR
(562) 618-4993
DanSellsRealEstate@gMail.Com
Century 21 Classic Estates
13217 South St.
Cerritos, CA 90703
Friend Me on Facebook Follow Me on Twitter Connect with me on LinkedIn
My Website
ProbatePropertyAsst
Home Selling Tips
What Is My Home Worth?
Share Save

5 Reasons Your Home Insurance Premium Went Up

 

Home insurance premiums are a vital part of homeownership. But if your premiums spiked recently, you may be scratching your head wondering why. Interestingly, there are several factors that can cause an increase in your premiums. Here are just a few.  
 
1. Your house might be getting old
 
When your house and the systems in it start to get old, it costs more to insure your house because as anything ages, it becomes more susceptible to damage. Roofs can get leaky, foundations can shift and crack, and delicate systems like air conditioning, electrical and plumbing become worn-out and more difficult to maintain. 

There's no real consensus on how old a house has to be for the insurance on it to go up. It goes up because an old house is a riskier house to cover. Old and frazzled electrical or heating systems could cause fires. Old plumbing starts to leak and cause water damage. Roofing gets old and can get torn off by the wind. All these combine to form a larger number on your bill.
            
2. Your credit may have changed
 
While a risky house makes for high premiums, so can risky people. If your credit dips due to missing payments on things, it could become harder to pay for home insurance. Note, however, that insurance companies have access to your credit report only in certain states.
 
3. Pets
 
Certain breeds of dog, along with "exotic" undomesticated pets, can cause your premiums to go up because they increase your liability rates. This is because your insurance company is the one that pays in the event your pet harms someone. Exotic pets, including creatures like tigers, monkeys and bears, are an even greater risk because they are undomesticated and much more likely to attack someone (even an intruder).
     
4. Home additions
 
There are two ways a home addition could increase the cost of your insurance. One is by increasing the total square footage of your home. Because home insurance is typically designed to rebuild your home if something happens that destroys it, adding a room or two will make it more expensive to rebuild and thus more expensive to fully insure.
 
The second sort of home addition is adding something like a trampoline or a pool (so-called attractive nuisances), since these increase the cost of potential liability payments in a similar way as certain breeds of dog or other animals do – if someone gets hurt, even if the person is trespassing on your property, he or she can sue you, which means that your insurance might have to pay the cost, and anything that the insurance company thinks it has to pay for means that your premiums are going up.
 
5. Local environment and building costs
 
Your premium can also go up based on things entirely outside your control, such as building costs in your area changing and climate fluctuating. If your area becomes more susceptible to heavy storms, flooding, tornados or any other destructive weather in the latest environmental trends, your premium could go up.
 
When is the last time your premium went up? I'd love to share more of my thoughts on this subject with you. Connect with me today to discuss this or any real estate topics. I look forward to hearing from you.

 
Share Save

Your Comments

Saved Articles
Comments and Feedback
Refer A Friend
Your Privacy
Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
Powered by
Copyright © HomeActions, LLC All rights reserved.

This email was sent to: dansellsrealestate@gmail.com

Mailing address: Century 21 Classic Estates, 13217 South St., Cerritos, CA 90703