Homeowners insurance is one of the things that’s quite easy to forget about. Most people only remember it when something goes wrong, and it’s time to file a claim. Besides that, most people only bother to look into it when it’s time for a new policy. However, choosing that approach might not be so wise financially. Most home insurance companies offer discounts on several home repairs and improvements. Did you know that some upgrades can knock as much as 35% off your premium? Considering that the amount paid by most people for insurance is around $1,445 per year, you will be looking at somewhere around $500 in potential savings.
So, what improvements can you make to lower your home insurance costs? Well, there are lots, and that should be good news for you. Before diving into the list, we first need to understand why repairing your home can make an insurance company consider lowering your insurance cost. Insurance providers generally look at how risky it is to insure your home. If your home is a high risk, you will pay more, and vice versa. You will find that most upgrades and repairs that lower your insurance costs will make your home more secure or safer. This is because they decrease the likelihood of some bad event happening at your home. You should also remember that not everything has the same effect regarding how much it will knock off your insurance cost. Some upgrades are considered to be better than others. So before you start, you may want to contact your insurance company. Here is a list of home repairs that can get you the cheapest house insurance rates.
Get Your Smoke Detectors Repaired or Replaced
Smoke detectors are generally required in most areas in the country. This means they may not save you a lot when it comes to getting the cheapest house insurance rates. However, some insurance companies will still give discounts for this safety measure. Those that see it as an improvement may offer discounts of between two and five percent of your premium. The differences are probably because of the type of smoke detector in question. Keep in mind that not all smoke detectors are the same. There are some that offer more protection than others. If you install a reliable and advanced smoke detector, you will probably get a better discount.
Call for Roof Repairs
Roofing repairs can save you a lot of money by getting you the cheapest house insurance rates. Viewing every aspect of your home’s roof as an investment is crucial because it is one of the essential shields between your interior and the outdoor perils. No matter how minor your roof repairs are, you should ensure that you update your homeowner’s insurance policy provider as soon as possible. Whether sealing cracks or repairing leaks, you might be in for a serious bonus. After you have notified your insurance company, they will calculate how much discount you qualify for.
If you replace the entire roof, you will qualify for the maximum discount possible for roof repairs. Insurance companies understand that roof replacement is a huge investment; for them, it’s one less thing to worry about. Some insurance companies will even give greater discounts if you install a certain type of roof or use specific materials that they consider durable.
Get Window and Siding Repairs and Updates
These are other projects that can help lower your insurance premiums. When you install high-quality vinyl clad windows that are more durable, your home will be better protected against storm damage. The same goes for siding, soffit and trim work. However, you must also keep in mind that those projects can also raise your premiums if they significantly increase your property’s replacement cost.
Schedule Fire Sprinkler System Installation
Fire sprinkler installations and repairs are among the improvements that will deliver the most significant benefits when it comes to homeowners insurance discounts. The reasons are quite simple and location. The lower the risk of paying for fire restoration for insurance companies. Did you know that the majority of house fires can be effectively put out using a single sprinkler? As such, a functional fire sprinkler system has the capability to greatly reduce the damage done by house fires.
A functional sprinkler system will activate within 30 to 60 seconds after a fire is detected. This is significantly faster than any team of firefighters can get to your home. Apart from that, fire sprinkler systems use significantly less water to put out fires than the dire department teams. While firefighters use an average of 2,935 gallons to put out a house fire, a fire sprinkler system will only use 341 gallons. To sum it up, a fire sprinkler system activates just after a fire has started, and it also uses less water. This greatly reduces the amount of damage done to your home, and it reduces the amount of money insurance companies have to pay to repair the damage.
Insurance companies are aware of the benefits of fire sprinkler systems. As a result, they take them seriously when it comes to giving you the cheapest house insurance rates. If an insurance company is for home sprinkler systems, then you should be too. Taking care of your home should be a top priority. However, as important as a home is, it will never be more important than the safety of your loved ones. Making sure the inhabitants of your home are safe is very important. A smoke alarm system combined with a fire sprinkler system lowers the risk of death caused by fire by 82%.
Repair Your Locks
Again, insurance companies will reward you and give you the cheapest house insurance rates for anything that can add an extra layer of protection to your home. If your locks and garage door opener are old and outdated, you may benefit from installing deadbolt locks. Some insurance companies can knock off as much as 5% off your premium for replacing your old locks with deadbolt locks. The good thing about this fix is that it’s quite inexpensive. If you want to take things further, you can even install smart deadbolt locks. These add way more protection and convenience. To make sure you get the maximum level of protection, you need to hire an experienced professional to do this job for you. A smart deadbolt lock should be installed properly, and the door alignment should be proper.
Replace Your Home Alarm With a Monitored System
Having an alarm system is a great way to ward off potential burglars. If you have an old and outdated alarm system, you can get the cheapest house insurance rates by upgrading to something more modern and secure. How much you save on your premiums depends on the type of alarm system you install and the insurance company in question. Most companies will shave around 5% off for stand-alone burglar alarms, while others will provide more substantial discounts for monitored alarm systems.
Repair Your Fences
Fences can save lives. Not sure what that means? Well, there are dangerous areas on your property like the pool area. Did you know that pool fencing can save lives? Insurance companies know this and provide discounts to homeowners who install or repair the fence around their pools. Apart from the fence around your pool, you can also get a discount if you repair the fence around your property. The benefit here is quite obvious. Having a secure fence around your property lowers the risk of theft and vandalism.
For the cheapest house insurance rates, you can get rid of your pool. While a pool can be a lifestyle upgrade, it can be a maintenance nightmare. This is why insurance companies view them as a risk. If you don’t use your pool that much, it might be a good idea to get rid of it. That will help lower your premiums. If you use it and you want to keep it, as mentioned before, install a fence around it. Increasing safety around the pool can lower your premiums. You can also achieve the same by removing additional equipment like the diving board and slide if present.
Update Electrical Wiring
An outdated electrical wiring system can be at risk of failure. This is a huge safety hazard. Old wires can lead to electrical fires that can cause some serious damage to your home. This is why insurance companies will consider lowering premiums if you repair your electrical system. There are several things that will qualify as electrical updates. Starting from the exterior of your home and going in, you can take a look at the service entry cable. This is the line that takes electricity from the overhead wires to the electrical meter. It also moves the power to the main panel in your home’s interior. There’s not a lot you can do about this wire, but you can make updates to the part of it that’s exposed to the element. It’s crucial to put some protection against it. That will shelter it from weathering.
If you still have a fusebox in your home, then you have an outdated electrical system. To reduce the risk of electrical faults, you can best replace it with a circuit breaker panel. Because of the number of devices that homes use now use, a circuit breaker will better withstand the greater amounts of current needed in ways that a fusebox can not. For reference, imagine the number of gadgets that have been introduced in the past 20 years. It’s been a long time since fuse boxes have been deemed a serviceable option.
The other thing that makes a circuit breaker way better than a fusebox is the different types of wiring associated with each. Most older wires that come with fuseboxes do not come with a ground conductor. This means that when you upgrade to a circuit breaker, you should also update the wiring, so it becomes compatible with the new system. Once the wiring is replaced, you will also want to replace the switches, fixtures, and outlets. That will go a long way in helping to accommodate your new technology and updated wiring. With outdated outlets, handling the voltage can be an issue.
Lastly, it might not be a good idea to do electrical fixes on your own, especially if you are looking to get discounts from insurance companies. If you feel you can do them, you should at least get the updates inspected by a journeyman electrician. They can verify that you did things correctly and in a safe manner. If there are any shortcomings, they can also fix them for you. A significant update to your wiring and electrical system can save you as much as 15% on your home insurance policy.
Get Plumbing Repairs
Most people usually think about their plumbing when something goes wrong. If your home is older than 30 years, you must start weighing the cost vs. benefit of keeping your pipes or updating them. If you have galvanized iron or steel pipes in your home, over time, there will be a zinc build-up, and this can lead to corrosion, which increases the risk of flooding and water damage. As you might imagine, insurance companies will view your home as a high insurance risk.
Other types of outdated pipes that may be in your old home are polybutylene pipes. These came on the scene after steel pipes. While they are deemed an upgrade, they brought about a lot of pressing issues. They crack easily, even faster than steel and iron pipes. In fact, installing them is against building codes in countries like Canada. If you have any of the pipes mentioned, it would be a great idea to replace them with more modern options. You can save a lot on insurance after doing this.
Home repairs that make your home safer reduce the risk of insurance. As such, when you make such repairs, insurance companies will provide discounts on your premiums. However, before investing in any major repair, you may want to find out from your insurance provider just how much discount such a repair can attract.
There are lots you can do to make your home safer and less risky to insure. You can hire a tree removal service to remove a dead tree from your property or hire furnace repair services. The form will reduce the risk of a tree collapsing on your property, and the latter will reduce the risk of house fires. However, not all home repairs and improvements lead to lower insurance premiums. Some like installation of home elevators and sunrooms will increase the value of your home, which can even make it more expensive to insure your home. The idea is to focus on things that reduce the risk of water damage and fire damage and therefore shield insurance companies from paying for water damage restoration.