Home insurance is necessary for all homeowners, but did you know that things you do can affect your premiums and policy coverage? Below are three examples of such factors and how they can affect your policy. 

Renovations or a New Addition

If you're considering a renovation or home addition, you may want to find out how this will affect your home insurance coverage before beginning the project.

Certain renovations and additions can negatively impact your coverage, but there are those that have a huge positive impact as well. A new roof, for example, can reduce your premium by 10% to 20%. Those potential savings should be a huge factor in your decision whether to replace or not. Other additions, such as a pool or trampoline, can cause a significant increase in your premiums due to the increased risk. Whatever the renovation or addition, speak with your insurance agent. They can better help you to understand how your policy might be affected.

New Family Pet

Before picking out that sweet new addition from the pound, you may want to consider how your home insurance policy will change.

While there are a few dog breeds that make the 'most dangerous breed' list, there are some breeds that are considered dangerous by some insurance companies but not by others. Whether your insurance company considers your potential dog's breed as dangerous or not should play a huge role in your decision. Not only can your premiums increase, but your company may choose to void your coverage, or not renew you when your policy is up. Considering hiding the fact that you've gotten a dog? It's always best to let your insurer know, as not informing them could leave you financially liable for any injuries as a result.

Failing to Make Repairs

Home repairs can be costly, but filing a claim with your home insurance policy because of something you've failed to repair can mean automatic cancellation of your policy.

An example of this is failing to properly fix a cracked pipe. Without proper repairs, this pipe can burst causing considerable damage to your property and belongings. While your insurance company may usually cover such occurrences, they can reject your claim and cancel your policy if they believe you knew about the pipe but chose not to fix it.

When you have questions about the extent of your insurance policy, as well as things that may invalidate it, it's important to speak with an insurance agent. The agent can better assess your exact situation and let you know exactly how certain things, such as renovations or breeds of dogs, can affect your rates and your coverage.