Since homeowners insurance premiums are based on how an insurer assesses risk, making improvements that reduce the likelihood that you’ll file a claim can make you seem less risky in the eyes of your insurance company. This means the insurer may reward you with a significant reduction in your premiums.
Home Improvements to Protect Your Home From Damage
Storm damage is behind a large percentage of homeowners insurance claims. Strong winds, rain, snow and hail can all cause significant and widespread destruction to homes. Making home improvements to protect your house from severe weather can net you significant savings on your homeowners insurance bills.
If your roof is old and damaged, it’s likely to leak or to have shingles get blown off in a storm. Replacing an old roof can protect your house from storm damage and may also lead to lower insurance premiums.
If you live in an area that’s prone to tornadoes or hurricanes, taking steps to protect your home from strong winds can lower your homeowners insurance costs. Upgrading your roof with wind-resistant features and adding storm shutters may save you a bundle.
Technology that can prevent significant damage to your home may lead to lower homeowners insurance rates. Consider installing sensors that can detect a water leak or a freezing pipe, notify you and take appropriate action, such as shutting off the water supply to the house automatically.
Upgrades to Prevent Break-ins
If your house doesn’t already have them, installing deadbolt locks can make your home safer and save you money on your homeowners insurance premiums. A doorbell with a camera can deter thieves and a home security system that is fully monitored can notify your local police or fire department of a problem. Those additions to your home may save you a significant amount on your insurance premiums.
Contact Your Insurance Company
If you make any of these types of home improvements, be sure to let your homeowners insurance company know. It may significantly reduce your premiums, but you will have to reach out and notify the insurer of the changes you have made. Don’t wait until your policy renews. You may be able to have your premiums reduced right away.
Your current homeowners insurance company won’t always be the cheapest. You should periodically compare rates from different insurers to get the best deal. Tell each company about home improvements you’ve made and ask if you qualify for discounts. An insurer that was among the most expensive in the past may offer much more affordable rates after you make home improvements that make you less likely to file a claim.
