Ignoring Insurance Risks Can Be Deadly

FRIDAY FACTS

November 15, 2013

 

IGNORING INSURANCE RISKS CAN BE DEADLY

From the KCM Blog, guest blogger Carrie Van Brunt-Wiley of the Homeinsurance.com blog

Lesser known home features that affect insurance costs:

 

Location:  The location of a home has a huge impact on insurance premiums

  • Proximity to a fire station.  The quicker the response to a fire, the less damage.  The average claim for a residential fire exceeds $33,000.
  • Fire stations have a specific fire protection class rating.
  • The specific type of flood plain that a home is located in may require a separate flood insurance policy to obtain a mortgage.

Roofing:  You need to know the age of the roof and the material it’s made of.  Roofs over 20 years old can be considered high risk and may be expensive to insure.

Swimming Pool:  Because insurance companies see pools as a high-risk home feature, a pool can increase your insurance premium.  Make sure a pool meets all local safety codes and carry high liability coverage limits.

Age:  Outdated electrical wiring and plumbing systems can lead to fire or water damage.  If these systems have been updated, let your insurance agent know.

Security equipment:  Insurers provide discounts for homes with burglar alarms, deadbolt locks and smoke alarms.  You could save 10% or more on your premium.

For the entire article, see:  http://www.keepingcurrentmatters.com/2013/11/14/ignoring-insurance-risks-can-be-costly/

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