Posted at 21:30h
Without house insurance, you are extremely vulnerable to the cost of repair and replacement in the event of an incident; and most of us have a home insurance policy. However, there are many elements located in and around your home that make your policy more expensive.
Precious items: Wine collection, jewelry, art items, musical instruments, precious watches, expensive furs – anything that can potentially increase the size of your loss will result in higher rates. Consider a separate policy or rider for your luxury items.
Stove / Fireplace: Fire is great when it is contained, but fireplaces and wood stoves could cause fire and smoke damage. Rather than pay extra in your premium or have to undergo an inspection, switch to the safer gas or electric options.
Oil-based heating: Insurers prefer electric or forced-air gas furnaces, since oil-based heating systems are more likely to cause environmental and fire damages e.g. via oil tank leakage.
Business at home: If your house is also your head office, you are considered a greater risk as your personal and business property both require coverage. If your home is also used for particular types of business, such as bed and breakfasts, daycare, etc. it also means an additional risk in eyes of insurers.