3 Unexpected Factors That Can Impact The Cost Of Your Homeowner’s Insurance

From the classic three bedroom, two bath layout to a big backyard or updated kitchen, there are several must-have features on almost every home buyer’s list. Unfortunately, there are other factors that many home buyers overlook, and doing this can wind up costing them hundreds or thousands of dollars: the potential cost of homeowner’s insurance. Here are three unexpected factors that can affect the price of your homeowner’s insurance – and what you can do to save more money:

Your Home’s Proximity to a Fire Hydrant and Fire Station

One of the simplest factors that can have a huge impact on your homeowner’s insurance premiums is often the most surprising to first-time buyers: how close the home is to a fire hydrant or fire station. Basically, in most cases the further your home is from a fire hydrant or fire station, the more you will pay for insurance.

Keep this factor in mind while shopping around for houses, and don’t be afraid to ask your realtor to find properties that have a hydrant on the same block. If you already have a house in mind, and the house is a few blocks away from a hydrant and a few miles away from a station, look for other ways to save.

From bundling your homeowner’s insurance with your car insurance to raising your deductible, there are other ways you can save big money on your monthly premiums.

Your Choice of Pets

According to the Canadian Animal Health Institute, approximately 34 percent of all Canadian households own at least one dog. If you are a proud dog owner, you may not realize that moving into your new home with your beloved pooch can actually raise your homeowner’s insurance rates.

Many insurance providers have a list of dog breeds that are considered “aggressive,” meaning that they are more likely to cause damage, which in turn will devalue the home. More importantly, these dogs breeds are often associated with biting or even killing individuals, which in addition to being devastating, can also be very costly for your insurance provider. However, if you own one of these dog breeds, don’t assume that you need to give up the furriest member of your family.

Instead, ask your insurance provider about ways you can keep your dog without raising your premiums. For example, many insurance providers will ask you to supply a document that states your dog is trained. This will make the dog appear more of an asset than a liability because it can guard your home and family!

Your Credit History

Your credit history and score will have a dramatic impact on just about every aspect of your finances and life, including how much money you will pay for your insurance premiums. Your insurance provider will use several aspects of your credit history, including credit usage and payment history, to determine your risk.

Basically, the lower your credit score, the higher the risk, which translates into a more costly monthly insurance premium. Luckily, there are several things you can do to help raise your credit score prior to purchasing a home.

For example, avoid making any large purchases before you buy a home. Buying a car or putting a vacation on your credit cards will raise your debt-to-income ratio, which in turn will lower your credit score.

Paying down your credit cards, paying off old bills and paying your bills on time are other simple ways to quickly raise your credit score.

From your dog’s breed to your credit score and history, there are several factors that will affect how much you pay for homeowner’s insurance. If you’re considering purchasing a home, don’t hesitate to contact your insurance provider to learn how you can save money on home insurance in Hamilton

New Food Trucks: 4 Types Of Insurance Coverage To Add To Ensure You’re Protected

Purchasing a new food truck is like owning a business on wheels. So as you travel to your parking destinations, it’s important to protect the business in case of any accidents or injuries. One way to offer extra protection is through auto insurance coverage. Along with a standard policy, there are four additional coverage options you can add to your food truck. These specific coverage options will help protect multiple aspects of your food truck business. The investment in insurance can go a long way in making sure that your food truck thrives and is ready to handle any crisis along the way.

Comprehensive Coverage

One of the more common options that you can increase for your food truck is comprehensive coverage. The main reason to get comprehensive coverage is because it can protect your food truck for any damage that is not associated with a car accident. For example, one of the main categories that comprehensive coverage can help you with is fire damage. If a cooking fire damages the vehicle, a comprehensive coverage package can help pay for the repairs and restoration of the food truck. This option also covers vandalism, weather damage, and animal damage.

Personal Property Coverage

Aside from the food truck itself, the cooking and prep items you have inside are typically some of the most expensive items that you’re transporting. If your food truck is involved in an accident that destroys these items, then you will want personal property coverage to help pay for the damage. This type of insurance coverage is used to value your food truck property and reimburse you for it if it is destroyed. When signing up for this coverage, an insurance agent will value your food truck items and give you an estimate on monthly costs.

Property Damage Liability Coverage

When driving and parking a food truck everyday, you’re eventually bound to run into small hazards or curbside incidents. These non-car related accidents can be covered through property damage liability coverage. For example, if your food truck hops a curb and damages a street post, this insurance coverage option will help pay for the damages and costs. Additional roadside hazards like street signs, fire hydrants, and sewer grates are all included through this coverage option.

Along with public street items, this type of coverage can help with privately owned property damage. For example, if your food truck is hired to park at a baseball game and you accidentally damage some fencing, the insurance coverage will help pay for the costs. The total amount that is covered will depend on the deductible that you agree to pay for.

Custom Equipment Coverage

After purchasing your food truck, you will likely upgrade the features to customize it and make it your own. These features may not be covered with a standard insurance plan, but they can get protected through custom equipment coverage. Typically, audio and video equipment are insured through this coverage option. On a food truck, this can include loud speakers to call out order numbers, LED screens to display menus, or even tablets used as digital cash registers. If any of these items are damaged on the truck, you can get reimbursed and easily replace them to keep your food truck business running smoothly.

When signing up for this coverage, it’s important to list the exact type of equipment you have and showcase the value by providing receipts. This allows you to have the best coverage and right amount of money to properly replace the equipment if it is damaged.

Talk with an insurance agent, such as an insurance broker at Hillis Insurance Agencies Ltd, to get quotes and figure out the exact details for your food truck. This will ensure that everything is properly insured.