In a single moment, your kids exclaim that you are the greatest parent to EVER parent! There are giggles, happy tears, and squeals as they pass an adorable new puppy back and forth promising to love him for life. As you commit the sweet moment to memory, prepared to replay this parenting win for years to come, you have no idea that such a precious puppy will be the cause of a canceled Homeowners policy.
Moment ruined.
What you didn’t know is that the new puppy is on a list of “unacceptable” breeds specific to your insurance carrier (see #1 below). Listen, we love puppies as much as the next guy, but we also want you to be aware that there may be things to consider before adding any item—living or not—to your property. At the very least, some changes may incur a small fee, or at the most, they could mean an unexpected need to find a new carrier.
So, what else can affect your Homeowners Insurance coverage, and what can you do about it?
- Pets—Almost all Homeowners Insurance companies have named certain dog breeds (sometimes just one, sometimes a few) that they won’t accept. If you have a policy and add a dog of that breed, even a mix that includes that breed among others, or if you take out a policy without disclosing that you own that type of dog, the carrier can cancel your policy with reason. Sometimes even dogs that aren’t on their list, but have a history of aggression, can cause issues. We are in no way saying don’t get a dog! But it would be wise to check on your carrier’s “not accepted” list before you start looking. Reputable rescues and breeders don’t want to see a dog returned, so they’ll work with you to find a safe choice before you can get too attached. If you’re looking for a pet other than a dog, you may need to check on what other animals are acceptable with your coverage as well. Exotic pets, wild animals kept as pets, and the number of animals in a home may need to be considered.
- Swimming Pools—Obviously, there are many carriers covering homes with swimming pools. However, if you already own a home and plan to install pool, check with your carrier or insurance advisor about any guidelines that need to be followed. Most will require a six-foot privacy fence around the pool with locking gates. Some will accept diving boards and slides, and some won’t. Also, if there is an operating daycare business in the home, there are some carriers who won’t provide coverage for a pool. How do you know what your carrier will allow? Call your insurance advisor before you make the investment.
- Trampolines—Who doesn’t love a trampoline? ER doctors and insurance companies, that’s who. This is a big one most people don’t realize. Due to higher safety risks, having a trampoline on the property might incur an additional cost on your coverage (typically around $100). Most policies also require the trampoline to be netted around the sides, and if you have a basic umbrella insurance policy, they may limit the coverage available to you.
- Businesses—Depending on the type of business, equipment needed, and inventory, some home business items may be included or scheduled into your Homeowners policy for coverage. On the other hand, if you run a daycare with more than three children, have business traffic coming in and out of the home, or are selling certain items out of the home, you’ll need to have separate commercial business coverage.
- Home Improvements/Additions—Any major home renovations or additions need to be reported to your insurance advisor. In some cases, home improvements—like a new roof or fence—can earn you policy discounts. Other times, renovations or additions simply need to be accounted for so your coverage is updated to the renovated value of the property. Some examples of home additions are three-season porches, installing fire or burglar alarm systems and constructing a detached storage building.
It’s always safest to check in with us before making big changes in the home.
In any case, it is always best to call your insurance rep to talk about what might affect your policy or premium before a major purchase or investment (financial or heart strings) is made.
