If you are shopping for a new home insurance policy, it's important to remember that not all insurance carriers like the same risk factors when deciding if they will offer a home insurance quote. In fact many carriers will look at the same factors when determining eligibility for a policy, because the all have experienced high claims payouts due to similar factors and circumstances. Below are some of the most common risk factors that insurance carriers high as 'high risk' when offering a home insurance policy. Even if they offer a quote, the rate may be higher if your home or the property it sits on has one or more of the following:
Dangerous Dog Breed
Dog bites and the injury they cause have increased in the past decade due to the increase in popularity of certain aggressive dog breeds. Your home insurance policy carries liability protection which would pay out if your dog bits or attacks someone and causes injuries to them. So most carriers will now ask what breed of dog you own before offering a quote. You should be careful and examine the 'exclusions' on your home policy because some policies 'exclude' coverage all together for dog bites.
Exotic Pets
If you are a lover of 'exotic pets' such a poisonous spiders and snakes, primates and others... Beware! Ownership of such animals may make you ineligible for many carriers
Swimming Pools
Many injuries occur annually in and around a swimming pool. Most carriers will require a 4 -6 fence around the perimeter with locking gates before they will agree to insurance a home with a pool. And almost all carriers won't insure a home with a diving board or slide any longer in the pool .
Trampolines
Are so much fun for the kiddos, but a major source of injuries on home liability insurance claims. Some carriers won't insure a home at all with a trampoline. Some will require tie downs and safety net around them as well as locking gates and a fence around the perimeter of a yard where the trampoline sits. Make sure the check the policy, as many carriers 'exclude' coverage for trampoline injuries.
Ziplines
Having a Zipline in your backyard is all the craze and great fun for the family. But again, a major source of injuries resulting in home insurance liability claims. Many carriers won't insure a home with a zipline in the backyard.
Wood Burning Stoves
A wood burning stove that is not installed properly is a major fire risk. Such things as having the correct clearance around the sides and underneath the stove, proper venting and proof of regular cleanings by a professional are requirements of some carriers before they will insure a home.
Mountain Homes Not Close to a Water Source or Fire Dept
Fire danger is always a concern for any insurance carrier, even more so in the past few years with raging wildfires in Colorado that have destroyed thousands of homes. Many carriers won't even insure mountain properties any longer, and the remaining carriers are looking closely at the homes proximity to a water source (ie fire hydrant) and responding fire dept to determine eligibility. So if your offer to purchase a mountain home is accepted, the first thing you should do is contact an insurance agent and make s/he can write a home insurance policy on it at a price you can afford.
Home Based Business
Certain home based business' which require your customers to enter your home can make it ineligible. Also if you store high value inventory at your home, you are more likely to experience a home theft or invasion which can damage the home. Make sure to tell your agent about your home based business, because some carriers are ok with certain exposures and will actually 'endorse' the policy to add coverage for certain business activity at a home. Again, make sure to check the home policy 'exclusion' section of the home policy for more information.
Denver West Insurance Brokers is a local, independent insurance agency, located on the west side of Denver in Golden, CO. Give us a call at 303-960-5290 and speak with one of our licensed agents and request a quote for your home insurance today!
Note: Data and information provided on this site is for informational purposes only and should not be considered professional advice. Denver West Insurance Brokers makes no representations as to accuracy, or validity of any information on this site and will not be liable for any errors, omissions, losses, injuries, or damages arising from its display or use.