How Lifestyle Factors Affect Homeowner’s Insurance

Did you know that the kind of life you live is a major factor in determining the type of homeowner's insurance coverage you need? This makes sense if you consider that some lifestyles expose you (and your home insurance carrier) to different and more risks than others. Here are a few examples of lifestyle factors that may have an impact on your home insurance:

Pet Ownership

The type and number of pets you own should and will affect your home insurance in several ways. First, there are dangerous pets (such as exotic animals) that may make it difficult for you to get coverage. Secondly, even standard pets may raise your rates because they expose you to pet attack liability claims. This last point also means you should buy additional liability coverage if you own multiple pets because your risk of liability claims is high.

Traveling a Lot

A frequent traveler may also have different insurance needs from someone who rarely travels. When you are away, the risk of your personal items getting lost, damaged or stolen is higher than if you have the same items at home. This means the portion of your home insurance items that protect personal items away from home should be sizable. At the same time, your home is also exposed to more and higher risks when you are away and leave it unattended. Depending on the duration of your travels, you may need additional coverage to protect your vacant home during your travels.

Working from Home

Working from home exposes you to two main different risks. First, clients or associates who visit your home for business purposes may get injured on your property and sue you for their injuries. Secondly, standard home insurance coverage may not cover losses stemming from your home business. Consult your insurance agent to help you decide how to customize your home insurance to cover these heightened risks.

You Have a Collection Hobby

Some people collect coins, others collect cards, while others collect artifacts. Just know that whatever you are collecting, a standard home insurance coverage probably won't pay for their theft or damage. This is especially true if the collection is highly valuable; the portion of homeowners insurance meant for household contents is rarely enough to replace damaged or lost valuable items.

This is why you should only buy homeowners insurance coverage after a serious analysis of your lifestyle. Otherwise, you may opt for the standard package even if it doesn't protect you adequately given your lifestyle. Talk to an insurance company for more help.