If I add “X” to my home this year, what does it mean for my insurance?

If you’ve added a new pool, trampoline, swing set, dog or finished basement to your home this year, you may be wondering what it means for your insurance.

There are specifics to be discussed in greater detail, but here are some general answers for each new addition:

Pool

pools are allowed and your premium won’t increase if you have one. You start to run into issues if you have a pool slide, an extra springy diving board or improper fencing or locks on the property.

Trampoline

most insurers will not insure a property with a trampoline. We have a few that will. Give me a call to discuss options.

Swing Set

As long as it’s installed properly and not a tetanus shot waiting to happen, good to go.

Dog

here’s where it gets tricky, most insurers have a “Restricted Dog List”, which usually includes breeds such as Doberman, Pit’s, Rottweiler, Wolf types (especially Dire Wolves 🐺 ), Chows, Akita, and Presa Canario’s.

We have a couple insurers that will offer coverage if you have one of these listed breeds. Also, if you have a dog that is not listed, but that dog has a bite history, that might also trigger an insurability issue. 

Finished Basement

This is more about making sure your home is properly insured. If your finished basement is now part of your living area, you want to ensure your policy limits included that newly added area.

Also, an important endorsement to have, especially with a finished basement, is “water back up and sump failure”. This protects water from filling in your newly finished basement due to a sump failure or power outage. Without this endorsement, if your sump fails and you have water damage, you could be stuck with a massive bill. Coverage limits that you select start at $5k and can increase depending on the quality of the finished basement.

Your home is one of your biggest investments, let’s make sure it’s properly insured.