Home Insurance Articles
Ways A Policy Holders Health Affects The Cost Of Home Insurance
2010-04-01
Home insurance coverage protects the homeowner from liability when accidents occur on their property. Additionally, home insurance provides homeowners protection if the house or property becomes damaged at any point. Some common circumstances covered by homeowner's insurance include fire, damage from snow and ice, vandalism, water damage, and theft. Although home insurance cost is based on factors directly related to the home including the location of the house, its age and the general repair of the house, your health could, in some instances, influence your premiums or cause them to increase.
A policy holder's health does not seem to initially affect the cost of home insurance, but consequences caused by poor health could impact your home insurance premiums. Homes that are in poor shape or in disrepair are more likely to have homeowners bring claims. If you are not well enough to repair and maintain your home, then you are more likely to incur circumstances where claims will arise. Loose banisters, damaged walkways, and other poorly maintained items can eventually cause greater damage to your home or injuries to those in it. The inability to check your home after storms or minimize damage from a leaky roof by putting down tarps could also increase damage. Ultimately, increased claims will cause a rise in your home insurance premiums because the house appears to be a greater risk.
Additionally, insurance companies can perform a credit check to ensure that you are able to pay your premiums. If you have large amounts of outstanding bills, including debt incurred from medical bills, you may be considered a poor risk and companies may be reluctant to issue you an insurance policy or charge a higher premium because of your credit history. Similarly, if your health is poor, it may cause you to miss work. Increased absenteeism or poor work product because you are sick can ultimately affect your ability to keep your job or obtain raises. Ultimately, this could also affect your ability to maintain your home properly and pay your premiums.
In contrast to this, if your health is good and you can maintain your property competently, it is likely that you will bring fewer claims. Additionally, some insurance companies provide discounts for installing alarms and keeping fire extinguishers in your home. Not every insurance agent will discuss how to keep your premiums lower so you must rely on your ability to read contracts and ask questions before you commit. Decisions not to wear glasses or to refuse to buy a hearing aid can impair your ability to obtain the best price because you will not be aware of improvements you could make to reduce your premiums.