Surprising Factors That Can Impact Your Homeowners Insurance Costs

Posted on: 28 March 2019

From the age of your house to your home's proximity to a fire hydrant, there are several factors that influence the cost of your homeowner's insurance premiums. However, these are only two of the many things that can lower your insurance rates. There are several others you probably weren't aware of and some may surprise you.

Here are a few unexpected factors that can influence your homeowner's insurance premiums.

Your Love of Exotic Pets

The breed of dog you have can impact your homeowner's insurance because of its potential and history of being aggressive. However, did you know that if you have a non-traditional pet, such as a cat, dog, bird, or fish, the pet could impact your homeowner's insurance premiums? Here is a list of pets your homeowner's insurance provider could consider non-domesticated animals:

  • Species of exotic amphibians
  • Species of exotic reptiles
  • Large cats, such as cougars or tigers
  • Primates, such as chimpanzees
  • Species of insects, such as dangerous types of tarantulas

Contact your insurance provider to discover how your exotic pet impacts your premiums.

Claims Filed by Past Owners

If you've owned a home in the past and filed a homeowner's insurance claim on your old house, this can impact the homeowner's insurance rates in your current house. You might be surprised to learn that any claims filed by your current home's previous owner can raise your rates as well.

For example, if your home is at risk of flood, and the previous homeowner did file a claim after suffering flood damage, your rates could be higher. This is because past issues have put your home at risk of suffering future issues. Contact your insurance provider to see what you can do to your home to lower your rates.

For instance, if the previous homeowner suffered a fire, installing additional smoke alarms and purchasing fire extinguishers could lower your rates.

Your Backyard Treehouse

If your child has begged you to build a treehouse and you finally relented, the treehouse could put you at risk of paying higher insurance premiums. This is because treehouses, trampolines, and ziplines are considered an attractive nuisance because they can entice neighborhood kids to sneak into your yard, enjoy the attractions, and potentially get hurt.

Ask your insurance provider if you can purchase a separate policy for the attractive nuisance toys and structures on your property.

From your affinity for exotic amphibians to claims filed by your home's former owner, there are several surprising things that can impact your homeowner's insurance rates.