So yesterday we discussed a few options as to why your home insurance premiums could rise, without your knowledge of the cause. To refresh your memory, certain violent prone dogs, tree houses and trampolines will warrant an increase in premiums due to the data that shows these household animals and features can be liability issues for any homeowner.
Continuing on into our journey through Connecticut homeowners insurance premiums and the cause of their increases, here are more examples of common household toys and features that will bump up your monthly payments.
- Bear Arms? If you have a gun in the house, that could increase your chances of a homicide by 40%. Regardless of how you use the weapon, either in self- defense or by accident, the insurance company will decide how much liability they will assume.
- Bling-Bling: High-priced jewelry may or may not be covered on your standard policy. Usually coverages will only reimburse jewelry up to a few thousand dollars. In order to cover your valuables, a new policy may be needed.
- Cold this winter? Heating fires and wood stoves can easily cause house fires, and this means a large liability on the insurance company’s part. Every year, these stoves cause 36% of rural house fires in the United States.
- Exotic Pets: So you have a pet snake, big cats, or monkeys in your home. Well if you consider your home to be a zoo, you had better be prepared for a significant increase in home premiums as these wild animals are a huge liability on everyone’s part!
So the moral of the story is simply this- if you have wild animals, tree houses, trampolines or wood stoves, you should probably be prepared to see an increase in your Connecticut homeowners insurance premiums. This should make you think the next time you head over to the lumber yard, the wild animal pet store, or sporting goods store.