Your home insurance premium is an ongoing expense that you will have to pay every single year. While there is an initial rate that you receive for your home insurance when you first get it, changes to your house can increase how much you pay for your insurance policy. There are a couple things you can do to your home that will cause the premiums to increase instead of lower. While your home insurance shouldn't be what decides if you do any of these 3 things, be aware of the increase in premiums before you do them.
Adding A Swimming Pool
A backyard swimming pool can be a great addition to a home, especially if you do have children that you are looking to keep busy during the hot months of summer. Unfortunately, a backyard swimming pool is also seen as a risk to a homeowners insurance provider. Not only is there an increased risk of injury happening when a swimming pool is on your property, but this expensive addition is one more thing that could become damaged. In addition to coverage of your house, a home insurance policy will need to cover any damage that happens to a pool when making an insurance claim.
Starting A Home Business
Working from home can have many advantages, even if it only means more time home with your family by eliminating your commute. Depending on the type of business that you have, your insurance rates could end up going up. If your business involves selling a product, you will be using your home to store the inventory of those items that need to be covered. If you have customers or clients visiting your home, it also puts your home more at risk for things like slip and falls. When the risk of something going wrong increases, expect your insurance to increase as well.
Having A Trampoline
A trampoline can make your home a neighborhood hot spot for all of the kids. Meanwhile, your insurance company may see it as an attractive nuisance. You not only need to be worried about people getting hurt on your trampoline when you are there to supervise, but also worry about people sneaking into your yard to use it when you are not around. Kids do not know any better, and even though it would be considered trespassing, attractive nuisance laws could still hold you liable if an injury occurs when you are not around.
For more situations that can increase your premiums, speak with your insurance agent.