Why does one buy home insurance? Customers purchase this coverage to minimize their risk of financially suffering from a listed peril. After all, many homeowners would struggle to rebuild their home from scratch should a natural disaster happen.
Contrary to popular belief, when calculating homeowners insurance rates, insurers look at more than just your home’s value.
Here are the top factors that can significantly influence your homeowners insurance in Hudson, NY:
- Pets: Owning a dog that is a “blacklisted” breed can cause your homeowners insurance premiums to skyrocket. While your German shepherd, Great Dane, pit bull, or Siberian husky may not be a threat to your or your guests, insurers have seen increased liability claims from certain breeds.
- Low credit score: Insurers will look to see if a homeowner pays their bills promptly. A lower score can result in higher premiums.
- Location: If your local area is known to suffer from hurricanes or wildfires, these will impact your insurance premium.
- Trampolines: Due to the high number of injuries trampolines have caused in the past, they are now a factor that hikes up your bill.
- Swimming pools: Drowning takes more than 1,000 lives a year, with more than half of these deaths taking place in someone’s personal backyard pool.
- Fire concerns: Typically, if you live near a fire station or a fire hydrant, you could get lower premiums.
- Poor maintenance: Home systems that are left uncared for can result in water damage and freezing pipes, leading to higher home insurance bills.
- Claim frequency: If you make multiple claims, you be may be viewed as a higher risk and charged accordingly.
- Neighborhood crime rate: Do you live in a dodgy neighborhood? In areas where burglaries and vandalism occur most often, your rate will be higher.