If you’re considering making home renovations like upgrading the electrical wiring or changing the doors and windows, remember that such renovations have two types of impact on your home. While several home renovations can increase your home value, along with your home insurance premiums, certain other renovations can also help to lessen your home insurance premiums by up to 20% and save you $250 annually. Here we have discussed seven such home improvement tips to reduce your insurance premiums.
Home security system
Home security systems cost between $280 to $1,090 and typically include door sensors or centrally monitored systems that automatically notify the emergency units if a problem arises. Depending on the type of security system and your insurance provider, you can save about 5% on your home insurance premium. Some companies offer a substantial discount for more advanced security systems monitored by a third party.
Fire system upgrades
Smoke and carbon dioxide detectors are an economical fire protection option and can reduce insurance fees. You can get about a 15-20% discount on your home insurance premium by installing a sprinkler system. You can also install a centrally controlled fire alarm system so that even when they’re not at home, the alarm system notifies emergency dispatch to send a fire truck if the fire alarm is triggered for added protection and to get better discounts.
Plumbing system improvements
Older homes often have outdated plumbing materials, like lead, clay, or galvanized piping that rust. Such materials are no longer up to code and can cause issues like pipes cracking or being incapable of handling modern home requirements. This, in turn, can cause sewer back-ups and flooding. Updating your outdated water pipes with copper or PEX ones and PVC-ABS drains. It costs between $1,500 to $15,000, augments your home safety, and reduces your home insurance premiums.
Electrical wiring updates
Electric aluminum or knob-and-tube wiring cannot be used in modern home devices and appliances. Thus, using them is risky from an insurer’s perspective. Upgrade your electrical to copper wiring to simplify future home renovation projects, ensure your home’s safety, and lessen your home insurance premiums.
Roof repairs or replacement
A leaky roof is susceptible to storm damage and is a huge liability. It can cause water damage, rotting wood, and interior damage, which can be very costly to repair for insurers. Repairing your damaged or worn old roof will safeguard your belongings, augment your home’s value, help you save energy, and substantially lessen your home insurance premium.
The Insurance Information Institute (III) suggests that in states like Ohio and Texas, wind and hail are the primary causes of damage, with 1 in 40 homes being affected annually from it. Therefore, if you live in a wind-prone area, add storm-safe windows with impact-resistant glass and storm shutters. These repairs can fetch you a 10% to 15% discount on your home insurance premiums and also save you thousands in possible repairs in case a bad storm strikes your neighborhood.
Adding deadbolt locks to your exterior doors can give them additional protection. This is an economical and effective upgrade and can reduce your home insurance premium by up to 10%. However, this will depend on your lock’s grade. Avoid purchasing a grade 3 deadbolt for your home, as these locks are the weakest.
Safeguard Your Home with Action Insurance
If you are looking for more ways to save on your home insurance, contact our insurance professionals at Action Insurance Group. We will find the best and most affordable home insurance plans that offer the maximum coverage to you.
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