Insurance

3 Ways to Reduce Your Insurance Premiums with Home Improvements

It is easy to make some recommendations about different ways to reduce your insurance premiums, like raising your deductible, excluding the value of the grounds, and other suggestions. Looking beyond that, there are some nifty ways to cut down on future insurance premiums by making specific changes to the home that insurers prefer and are considered a lower risk by them.

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Here are 3 things you can do to make a few changes to hopefully get your premiums adjusted lower.

Renovations That Reduce Risks

An old roof is a risk that raises insurance premiums. A replaced roof has the potential to lower the premium too. Putting in a new plumbing system throughout reduces the risk that a burst water pipe will flood the basement or main living areas. Basements that are situated below the water table are particularly vulnerable to flooding and could benefit from an installed battery-powered sump pump as prepared readiness against property damage. Be aware that many homeowner’s policies exclude flood damage which is often provided as a separate policy or an add-on. If you’re in a location that’s at risk of floods, then adding the extra coverage is likely to be worth the cost.

Boost the Security& Protections

The introduction of smoke detectors in the home is smart for detecting abnormal levels of carbon monoxide in the air. Putting in dead-bolts as the new locking mechanism for the front and rear doors improves the security so a credit card cannot be slid in the door jam popping open the lock. With a larger budget, a burglar alarm which might include a full infrared camera package and sensors to pick up unexpected movement is also a great way to better protect your home. Smart locks and security systems can all be controlled from a mobile device too.

Any of these changes to your home will likely secure a meaningful discount on the current premiums if they’re definite improvements. Sometimes an insurer will have a preferred alarm system or one that gets a higher discount due to its perceived better technology, so it’s worth checking with your insurer before buying a pricey alarm system they dislike.

Batten Down the Hatches

For homes that are situated in a location that gets frequent extreme weather, then if you haven’t already, consider adding storm shutters that lock securely to prevent your windows from storm damage.

A good real estate blog will advise homeowners to use doors that have a hurricane-proof design and make sure that the flooring is locked in place without any shoddy floorboards putting the home at risk of flooding. Some improvements are sensible to do regardless of a reduction in insurance premiums. First and foremost, protecting your home must come first.

The biggest mistake that homeowners make with insurance is adding improvements that would discount the insurance premium and failing to let the insurer know. As long as you check with them first, then you can make economical changes that lower your future costs and provide extra protection in many cases too.

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