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Family in Front of HouseBuying a home? Insurance companies want responsible homeowners.

Here are some tips on how to show responsibility to the companies competing for your business:
  1. Number of Claims — Believe it or not, the frequency of claims showing on your claims history is more important than how much was paid. Having more than one claim in a five year period may cause preferred companies to take a pass on insuring you. (Some companies allow two in five years, or one in three years, and some may allow one in three years, with a 2nd in years 4 or 5. Side Note: Yes, it can be confusing and that's why you need an insurance professional.) TIP: File a claim only when necessary - home insurance is called "Hazard Insurance" for a reason; avoid treating your home insurance policy like a maintenance policy. Always talk with your insurance professional before filing a claim. Keep an emergency fund of $2,500 or more for the small repairs that may occur.
  2. Dog Breed — Home insurance policies typically come with $300,000 or more in liability coverage. The Insurance Information Institute reports dog bites accounted for more than 1/3 of home insurance liability claims in 2013. Because of the risk associated with a potential dog bite, most home insurance companies have a list noting which breeds are eligible or ineligible for their coverage. TIP:With an average liability pay out of $28,000 per dog bite (according to the III), always disclose to the home insurance company what type of dog(s) you have. If you're thinking of getting a dog, check with your insurance professional to make sure it's approved by the home insurance company. Some companies are more restrictive than others - work with a home insurance company that is comfortable with the breed you have.
  3. Proper Updates — When buying a new home, make sure the Roof, HVAC, Plumbing, and Electrical have been updated. Insurance companies provide discounts for these updates, and have age guidelines relating to how old the Roof, Plumbing, HVAC, and Electrical can be. If those systems are too old, the home may not be eligible for coverage, or you may be paying more and at risk for a future claim. TIP: With proper updates, you will be less likely to have a claim or maintenance problems, and you will pay less for responsibly taking care of your home. Side Note: Some insurance companies will not offer replacement cost for your roof, some will stop offering replacement when the age of the roof is 10 years old - always talk with your insurance professional about the replacement offerings available to you.
  4. No Fence Around Your Pool — There is nothing better than enjoying family time pool side. However, preferred home insurance companies will likely deny insuring your home if you don't have a fence around it. TIP: Protect yourself from lawsuit, and protect those around you by installing a fence on all 4 sides of the pool, along with a child lock. Talk to your insurance professional about what the insurance company may require as it pertains to type of fence and height.
Bottom Line: Insurance companies are looking for responsibility. Always discuss your home insurance options with an insurance professional.

Raymond Preston & Reed, LLC has the combination of skilled, experienced agents and varied coverage options to meet your needs. Call us at (615) 866-2728 for more information on Brentwood TN homeowners insurance.
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7000 Executive Center Dr., Suite 290
Brentwood, TN 37027
Phone: 615.866.2728
Email: info@rprinsurance.com
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