You purchase homeowner’s coverage to insure against property damage, theft, and anyone who might get injured at your home.
That coverage is frequently utilized. In 2024, nearly 6% of homeowners filed a claim, according to the Insurance Services Office. Property damage, including theft, accounted for 97.6% of those claims.
And while filing a claim can cause your insurance premium to increase, several factors can also influence what you pay for coverage. Use the following list to see what you may be able to do about reducing your premium or to understand why you are paying what you currently do.
1. Dogs — Dog bite claims are among the most common liability claims for homeowners, and having a dog can often increase your premium. This is especially true if you have an aggressive breed such as a German shepherd, Siberian husky, Doberman, Rottweiler, pit bull, or Akita.
2. Where you live — If you are in an area prone to natural disasters, including hurricanes, tornadoes, wildfires, or sinkholes, you can expect to pay more for coverage.
3. Trampolines — Trampoline mishaps send more than 90,000 people to the hospital each year. Serious injuries include spinal damage, broken bones, and head trauma. Children can get hurt from bouncing into each other when sharing the trampoline. You’ll pay a higher premium if you own one, but if you insist on having it, set a rule that only one person can bounce at a time.
4. Swimming pools — More than 1,000 people drown in swimming pools every year, and about two-thirds of those deaths happen in a person’s pool. Because of this significant liability, you’ll pay higher rates if you have one.
5. Fire concerns — Your home’s proximity to the nearest fire station also plays a role in how much you pay for insurance. The farther away you are from a fire station or even a fire hydrant, the more it can affect your rates.
6. Poor maintenance — If you don’t maintain your home, you may see higher rates. In some cases, your insurer may cancel your policy.
Problems to stay on top of include leaky roofs and pipes, broken or missing roof shingles, aging water heaters, and damaged water seals. In 2012, nearly 18% of claims were for water damage. Fix small issues before they become big ones.
7. Filing multiple claims — If you file many claims, your insurer may either raise your rates or cancel your policy at renewal. Damage from a burst pipe, a tree that lands on the roof, or a kitchen fire on the same property will raise a red flag and prompt a closer review.
8. Neighborhood crime — If you live in a high-crime area where homes are broken into regularly, you may end up seeing higher rates than if you live in a more sedate neighborhood.
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