Being a homeowner is expensive. You’re responsible for keeping up with maintenance, covering the utilities, as well as covering the mortgage, taxes, and insurance. As you can’t go without any of these things, finding ways to cut back on your monthly expenses is the only solution. Take, for instance, your homeowner’s insurance. You’re required to have insurance to protect your property but there are ways to slash the annual rate.
In fact, completing home improvement projects can actually save you money on your homeowner’s insurance. You see, the safer and structurally sound your home is the less of a risk for the insurance providers.
While there are certainly a ton of ways you can upgrade your house, not all will get you the discount you’re looking for. Below, is a look at some home improvements you should consider to save money on insurance:
Improve Home Systems
Older homes especially are a high risk for household emergencies. With old heating, cooling, plumbing, and electrical systems, there is an increased possibility of the house catching fire or suffering from water damage and plumbing issues. If the systems in your home are outdated or haven’t been serviced in a while, now would be the perfect time to get to it. Having someone complete a water heater replacement San Diego (or in a major city near you), a new furnace, or the rewiring of the electrical system lowers the chances of a fire or flood and, therefore, save you money with the insurance provider.
Water Shut-Off Devices
Water damage can destroy a home and cost insurance companies thousands of dollars to repair. That’s why they’re willing to offer a discount to customers that are willing to install water shut-off devices. These are devices that will turn off the main water supply in the house in the event that there is a leak or fire detected.
Install a Home Security System
Homeowners insurance policies are designed to protect your property and belongings in the event that your home is broken into or vandalized. Depending on where you live and the condition of your home insurance providers may charge more simply because you’re a high risk.
To lower those risks, all you need to do is have a home security system installed. Though you don’t want to go bankrupt on the installation, the more advanced the system is the better the discount. For example, a noisemaker isn’t going to warrant much of a discount, however, a security system with cameras, motion sensors, and a direct line to local authorities will.
A New Roof
Though expensive in nature a new roof can get you some savings on your property insurance. Being one of the most important structures of the home, roofing issues can cause a great deal of damage. Particularly in windy cities or areas prone to tornados and hurricanes, insurance providers will give you a discount for a new roof. Simply have a roofing contractor come out to discuss the various options and best roofing materials for your home and environment.
Harsh storms, natural disasters, and freezing temperatures are becoming more common. When these things occur, it often leaves homeowners without power (and sometimes water) for days at a time. The longer a house goes without power, the more issues could arise. For example, in freezing temperatures, the pipes could freeze.
Having a generator installed, however, changes this. It provides you with an emergency power source to conserve your food and keep your house operating until utility companies are able to service the problem. As you’ve reduced the risk of real structural damage, your insurance provider will likely give you a discount.
Keep Receipts and Invoices
When completing these renovations on your home be sure to keep receipts and invoices. You’ll need to provide proof to your insurance provider that you’ve had the work done on the property. You may also need to prove that it was done professionally and up to code.
If you’d like to save money on your monthly household expenses, consider using the above-mentioned suggestions to slash those property insurance costs. Though some of these upgrades are expensive investments, each makes your home safer and reduces risks that the insurance policy is designed to protect you from. Completing these home improvement projects, therefore, seems worth it.