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5 Things That Increase Your Homeowners Insurance Premium

Upon the purchase of a new home, there are a variety of new expenses you will be faced with each month. While mortgage and property taxes are more obvious ones, many new homeowners forget about the insurance implications. Compiled is a list of 5 things that may be the culprit for your elevated homeowners’ insurance premium:

  1. Fun but dangerous attractive nuisances often increase your premium. These include but are not limited to: dogs, swimming pools, trampolines, tree houses, zip lines, etc.
  2. You may not be in control of the structural issues that increase your insurance premium when you purchase a new home. This includes shoddy plumbing, a wood-burning fireplace, a balcony, etc.
  3. If you will be running your business from your home, you will likely experience a price hike in your homeowners’ insurance policy, unless you purchase a separate business insurance policy.
  4. Your luxurious items will cost more to replace, therefore, expect an increase in your homeowners’ insurance premium.
  5. High insurance rates may be the result of the neighborhood you move into. If there are an unusual amount of burglaries occurring on your block, or an excess amount of fires, prices will be higher.

Contact Michelle Lim Insurance Services Insurance for all of your Alhambra, California homeowners’ insurance needs. We are always available to answer any and all questions you may have.

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