While the seasons are changing, you should want to make sure you and your homeowner’s insurance policy are on the same page. The reason is that you want to be as truthful as possible to your insurance provider to most appropriately protect your assests.
For example, from a homeowner’s insurance perspective, having an annual new year’s party once a year is a much different circumstance then having people over twice a month to party. This is because your property is at a much higher risk from people being over on a regular basis rather than once every year. This increases the exposure your homeowner’s insurance company is taking for you. The most common exposures are:
- Owning a trampoline – extreme risk to owners and uninvited trampoline jumpers
- Parties involving alcohol – when alcohol is involved, accidents are more likely to occur
- Dogs – even though many pets are great animals, some have a bad reputation, and others would not be considered ‘good neighbors’. Though Rottweilers, Dobbermans, and Pit Bulls have that reputation, one of the largest losses at Seely & Durland came from the bite of a Golden Retriever. In excess of $1.5 million!
- Unfenced pools – individuals can freely have access to ones pool if unfenced, allowing risks to more likely occur.
The reason for having homeowners insurance is to provide coverage for those unanticipated losses that can turn into a large financial liability. Withholding specific information that is used to determine your rate or insurance coverage can result in your policy being canceled and/or claims being denied.
One of the best ways to ensure coverage for those all possible circumstances is having a one-on- one conversation with your Trusted Choice Independent Insurance Agent. Even if you think it may not matter, let your insurance company know of any alterations in your life or assets during the policy term to better yourself!
