These four home improvements could lower your insurance premiums.
Whether you’re rebuilding your property after a disaster or planning a major renovation, it’s important to consider the impact that renovations could have on the cost of your home insurance.
1. Home security
Did you know many insurers offer discounts for protective devices, such as security alarms and deadbolts? DIY solutions like door and window locks are good deterrents, but a comprehensive security solution with third-party monitoring is more likely to affect your insurance rate. Your insurance company may even offer discounts for security cameras and motion-activated lighting.
Speak with your insurance professional to find out which measures are most cost-effective. Lowering your premium and the risk of a break-in is worthwhile.
2. Waterproofing
You don’t need to experience a major disaster to witness the destructive power of water. According to the Insurance Information Institute, one in 60 insured homes will suffer water damage this year. Thankfully, there are ways you can mitigate this risk and save on your insurance. How? A water cut-off device can actively prevent water damage caused by a leaky or burst pipe or faulty appliance. And it might qualify you for a discount on your insurance.
You might also want to consider upgrading the waterproof membrane in your basement and fitting a sump pump. These measures could save you thousands of dollars down the road.
3. Fire prevention and detection
As the number of electrical appliances found in the average home increases, the risk of overloaded circuits and electrical malfunction grows. In older homes, faulty wiring is a potentially life-threatening risk.
Do you live in a modern home? In this case, you benefit from more stringent fire safety building codes, but that doesn’t mean you are risk-free. According to a recent National Fire Protection Association report, the two leading causes of home fires are electrical failure and unattended electrical equipment.
Does your home have a well-maintained smoke alarm? Two-thirds of fire deaths occur in homes with missing or nonfunctioning smoke alarms. It is also worth fitting carbon monoxide alarms, heat detectors and home sprinklers. If you are undertaking major remodeling, look into using fire retardant cladding and roofing tiles. If converting your loft or basement, consider installing fire doors.
Do you live in an area prone to wildfires? You might want to consider additional measures, such as installing a fireproof barrier around your home.
All of these measures could potentially reduce your insurance costs and, even more importantly, save the lives of you and your loved ones.
4. Storm-proofing
Renovating your roof is an expensive job. But if you use quality materials, you could see a discount on your insurance costs. Many insurance companies offer discounts for homes with hail-resistant roofs, while some insurance companies impose surcharges on homes that have not been upgraded to resist storm damage.
Have you thought about installing impact-resistant glass and storm shutters, or bracing unreinforced walls and chimneys? You might also consider installing an emergency generator on your property. This will ensure that if you are cut off from the main power source, all of your safety systems (fire alarm, sump pump, security alarm, etc.) will keep working.
Your home is likely the most valuable asset you will ever own. It’s important to have enough insurance to protect you should the worst happen. Speak with your insurance professional about the measures you can take to enhance your security and possibly save money on insurance costs.
For more information
If you have questions about how to make your home safer, reach out to our Personal Insurance team to learn more.
This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.
Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.
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