Insurance is a fact of life and if you own a home, a necessity. What it doesn't have to be is expensive! By avoiding a few of the risk factors, you can save hundreds of dollars per year. The secrets to keeping your insurance costs affordable is reading the small print and knowing what your insurance really covers. And then plan accordingly.
TrampolinesInsurance companies often have a "Trampoline Exclusion" policy hidden in home owner's policies. Look over your policy's small print to determine if you are covered. You do not want an unexpected surprise of having to pay all the medical bills if someone gets hurt while on your property. Even you are the most careful, watchful family; many times it is the neighborhood children who jump on the trampoline without your permission that gets hurt.
PoolsPools and hot tubs are often not covered in the traditional home owner's insurance policy. Just like the trampoline, they may be outright denied or they may require a rider policy in addition to your current policy. This is another example, of seriously considering what "at home fun" is costing you in hidden fees. Insurance companies will often have strict requirements such as fencing, self closing doors, and even motion detectors around the pools edges.
Toilet OverflowsChildren are notorious for experimenting with what can be flushed down the toilet. Plumbers have seen race cars, stuffed animals, and even a baby bottle or two. What you may not realize is that you get to foot the bill for the clean-up. If you do not caught the overflowing water quick enough, you may have thousands of dollars in carpeting, flooring, and drywall damage in addition to the water mess. Few insurance companies will cover this "sewer backup" unless you have purchased a rider for your policy.
MOLD and Water DamageFloods are not the only way mold and water damage can happen to your home. Have you ever forgotten the water hose on outside? Have you ever had the hose sitting in a window well and it gets turned on? Children love to play in water and hoses are easy targets for those young hands. Water that soaks into your basement walls behind the drywall may not be seen until the mold has started to grow.
DOGS Children love animals and they are often the target for dog bites. 77% of all dog bites belong to the victim's family or a friend, so it is the family pets that are biting! Chihuahuas may not have a big bite, but when it is in the face the smallest bites can leave a scar. Many insurance companies have chosen to denied coverage if you have a dog that is considered a higher risk, Pitt Bulls, German Shepherds, and wolves to name a few. Children and animals should always be closely monitored and when you are getting a new pet, consider the breed before adopting.
Whether you are purchasing new home owner's insurance or just updating your current policy, read the fine print. You have to know what the exclusions are and either buy a rider policy to cover them or eliminate the risk in other ways. If your house is the neighborhood hangout place, take extra precautions to ensure everyone is safe and then buy the extra insurance needed to protect you from financial destruction should anything ever happen. Knowledge is KEY when managing your insurance needs.
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