Part of the fun of your first home is improving it. These improvements are also good for “pride of ownership,” a quality insurance companies look for when they determine their insurance rates for a given area. Remember that insurance is a measure of risk, so properties with a long list of claims or homes in an area prone to disasters can substantially increase home owners’ insurance premiums. In addition to comparing prices on sites like homeownersinsurance.com and taking a higher deductible, you can achieve better insurance rates by making improvements to your home.
Companies have discounts all the time, and staying with the same company often leads to rewards of its own. In the case of homeowners insurance, today’s improvements can pay for themselves in savings.
Reinforce Your Home from Disasters
If you’re going to renovate your property, adding some basic enhancements to improve durability to weather and elements can improve premiums. A retrofitted house is less likely to suffer structural damage during an earthquake, which would improve premiums because the insurance company won’t have to pay out as much in damage. Even small improvements like storm windows and shutters can cut down on small claims that might lead to rate increases.
Adding a security system can save you up to 5% on your home’s insurance policy depending on the policy you choose. In rougher neighborhoods, where premiums might be higher to compensate for burglary or theft, this discount can pay for the system itself and give you peace of mind. Your insurance company may also have recommendations on systems that you can purchase to get discounts, so speak with your provider before shopping around for these systems. Not every system will apply to these discounts, and it’s important to know which features will improve rates before you purchase.
Install New Fixtures
New water fixtures and improved plumbing can also lead to better premiums because it helps avoid mold damage. Pools neither hurt nor help your premium as is, but leaving them drained could cost you. Erect a fence as soon as possible if you are a new home buyer, but existing home buyers can renovate with an outdoor fountain to spruce up the pool and spa area. These fixtures are affordable, can run on solar power and will improve your existing systems when you renovate.
Indoors, replace your sink and have your piping inspected by a licensed contractor. Make the suggested improvements and report those to your insurance company to see if you can get a reassessment of your home.
Outdoor Electrical Systems
Lighting in your garden, electrical sockets attached to your home and even the electrical work done in your garage are some spots that don’t often receive attention during a renovation. These fixtures can be revamped at a small cost to you, shielding your home from fire damage in the process.
Looking for creative ways to implement even small changes to the power consumption of your home has benefits outside of home insurance. Solar lighting for the garden provides an outdoor getaway at a fraction of the cost. You should also groom your garden of trees and weeds, which can grow rapidly and cause damage to the foundation of your home.
As long as the system is up to code, your insurance rates should not rise. Make improvements and you’ll see the power bill go down.