Insurance, whether for a car or your home, is already an expensive monthly cost so it makes sense that you want to do whatever it takes to keep your rates as low as possible. While no one wants to ever have to use their insurance, the purpose of having insurance is to protect you in the event something does happen. However, did you know that certain things that do happen accidentally can cause your insurance rates to go up considerably or even limit your insurance coverage down the road?
There are certain claims against insurance that can indeed raise your premium rates and it is important to understand what some common claims can do to your present and future rates of insurance.
Water Leaks/Mold Issues
If you have a history of filing claims on your insurance for incidents of water damage caused by leaks from plumbing problems and such, you may find it difficult to later sell your home. Potential new buyers’ insurance companies can pull reports that show the history of insurance claims on a piece of property. If there is a repeated report of water damage, insurance companies may not be very inclined to provide coverage on the new home, typically because of the concerns of mold. If a new buyer can not get coverage on the home, it is likely you will find it difficult to sell. Instead of filing a claim for minor damages and problems, learn how to do it yourself and leave your insurance out of it.
Injury from Falls
In the event that a person would trip, slip, or fall down on your property due to a hazardous condition, such as a cracked sidewalk or a hole and the like, they may file a claim against your homeowner’s insurance. Such claims can make your insurance rates rise. For this scenario, it is better to be preventative. Make sure you maintain your property and keep it safe from hazardous areas to prevent people from getting injured.
If you have a pet, particularly a dog, you may be surprised to learn that dog bites are the biggest source of homeowner’s insurance policy claims. This has lead to many insurance companies listing breeds of dogs that have been considered mostly likely to attack. If you are an owner of such a dog, considered dangerous by your insurance company, you may be facing higher insurance rates or even a refusal of insurance. If you have a dog on the list, you may be able to work with your insurance company by striking a deal. For example, some insurance providers will provide insurance as long as the dog participates and passes an obedience course.
Check with your insurance company about other areas that may raise your monthly payments and be proactive in making sure you are doing what you can to keep your insurance rates at their lowest.