Friday Mar 17th, 2023


There are obvious details like a pool, finished basement, or using a home for a business that could increase home insurance costs, but you may not be aware that things like oil-based heating and aluminum wiring can also figure into the premium cost.

Some key areas that can factor into your insurance payment:
• Expensive items: Jewellery, art, personal computers, musical instruments, wine collections, and sporting equipment lead to extra premiums, or required “riders,” for coverage. Keep the list updated so you’re not insuring an item you no longer own.
• Swimming pools: Pools obviously represent higher liability. 
• Fireplace/woodstove: Wood stoves are a source of fire and smoke damage. Insurers may look for additional premiums and/or require a home inspection first.
• Oil-based heating: Today it may be regarded as an environmental hazard. Insurers prefer electric heat or forced-air gas furnaces. 
• Aluminum wiring: A type of wiring used in houses in the 1970s, insurers don’t like it because of its potential to overheat at connection points. 
• Knob and tube wiring: This very old wiring – not well-suited to today’s high energy consumption levels – requires connectors that use knobs to keep the wires isolated. Insulating tubes guide wires through walls. 
• Galvanized or lead pipes: These are more likely to corrode, resulting in a negative impact on water pressure, water quality and, from an insurance company’s point of view, maybe a flood.

This is a practical checklist. You’ll want to check with your Insurance Broker for a more detailed list.

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