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Does family size influence the cost of home insurance?

Posted on Sept. 13, 2017

So you’re transitioning from the bachelor life with a 1-bedroom apartment, to a family with a house, in the suburbs. This new lifestyle comes with many changes and an increased cost to your home insurance may be one of them. The best course of action is to speak to your insurance broker and ask about specific coverages to ensure the new life you're building is properly protected.

 

Wear and tear on your home

 

As families grow, so does the probability of wear and tear to your home. From children running around at a young age, not a care in the world, to teenagers throwing a party when the parents are away. This is the natural progression of growing up, however it comes with it’s risks to your home and it’s liability.

 

Furry family member

 

Most pet owners view their pet as a member of their family, and not a possession that is meant to be insured, however your furry family member can be added to your home insurance policy. In addition, if the pre-existing coverage is not enough, you can acquire additional coverage. Adding your pet to your policy will cover you for liability in the event that they bite someone, or for expenses if they become sick or injured.

 

Additional household amenities

 

Typically, having a larger family comes with having a larger house. In addition, this comes with the possibility of owning various added household amenities that can cause the price of your home insurance to rise. Examples include pools, gaming or recreation rooms, trampolines, etc. Household additions such as these raise the risk associated with your home, which in turn raises the cost of your home insurance premiums.

 

Different providers calculate the cost of home insurance premiums differently; some may cater to single folk, others to large families. The best way to find the right price and level of insurance that best meets your needs is to shop around.

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