Top 7 Home Improvements for Lowering Your Homeowners Insurance Premiums

happy couple renovates home

Did you know that you can do home improvements to lower insurance rates?

Many people believe that home improvements increase home insurance.

The truth is, you can lower your home insurance rate with certain improvements.

By updating old wiring or improving security, you can save money every year!

Capital Insurance is here to help you save money on home insurance. Here are the top home improvements to lower insurance premiums.

Consult with Your Homeowners Insurance Company Before Starting Any Improvements

Before you start any home improvements, you need to notify your insurance provider. This is to ensure that you have the proper coverage during and after the renovation.

Otherwise, you may end up underinsured if something unforeseeable happens. This can include damage to your property or injuries during the renovation.

Plus, it’s worth speaking to your broker to make sure your renovations will reduce your premiums. Different insurance providers may favor different home improvements.

Once the renovation is done, update your insurance coverage.

7 Home Improvements That Can Earn You Insurance Discounts

There are many ways you can save money on your homeowner’s insurance.

While some renovations can increase insurance costs, some can reduce your premiums.

Check out these home improvements to lower insurance:

1. Upgrading Your Home’s Security System

When it comes to home improvements to lower insurance, security systems are common.

The discount you receive depends on the type of security system you install.

A local alarm system that alerts you may earn a small discount. A system that alerts the police may earn a higher discount.

Smart home devices and systems can also help you save on homeowner’s insurance.

You can also install interior sprinkler systems to lower your premiums. They reduce the risk of fire damage.

2. Installing Smoke and Carbon Monoxide Detectors

In many homeowner insurance policies, smoke detectors are required.

Sometimes you also need carbon monoxide detectors.

Battery-operated smoke detectors are popular and affordable. They continue to work through power outages. Make sure you test and replace the batteries.

You can also get hardwired smoke detectors.

There are different types of carbon monoxide detectors, including smoke detector combinations.

To reduce your insurance costs, install these devices on each floor of your house. This reduces your risk as an insurer and can lower your rates.

3. Replacing Old Wiring and Plumbing

Replacing old writing and plumbing can help you lower your home insurance rates.

In fact, replacing wiring that is not up to code may qualify you for a discount. Especially if your home has knob and tube wiring. This was used in many homes built before 1950.

Rewiring a house can be expensive. But it also reduces the risk of electrical damage and fire.

This reduced risk could save you money on your coverage every year.

You may find that more insurance carriers are willing to insure your home. You can shop for coverage by comparing quotes from more companies.

The same goes for plumbing. Upgrading to modern plumbing reduces the risk of water damage. It will also reduce your home insurance rates.

4. Replacing the Roof

man replacing roof

Replacing your roof may seem like a costly affair. Yet, doing so can save you money on your homeowner’s insurance premiums.

Insurance companies will recognize that your home is better protected with newer materials.

There are also home improvements to lower insurance based on where you live. For example, if you live in an area prone to extreme weather.

You can reduce your insurance rates by using special materials. These materials include hurricane straps and impact-resistant shingles.

Most home policies cover roof replacements based on the age of the roof. If something happens to a new roof, you will get more coverage to have it repaired.

5. Building a Fence Around the Property

Building a fence reduces the risk of someone getting injured on your property. It also reduces the risk of burglary and vandalism.

Fences prevent homeowner liability and are seen as a form of security.

Having a fence is important if you have a pool or hot tub. It is actually an insurance requirement to have these enclosed.

Your homeowner’s insurance may cover damage to your fence.

6. Improving the Condition of the Home

By keeping your home well-maintained, you can lower your insurance rates. This reduces the risk of loss.

Also, older homes are more expensive to replace and can drive your insurance premiums.

As your home ages or falls into disrepair, your risk increases. Because insurance companies base your rate on risk, you could end up paying more.

New homes and homes made of fire-resistant materials are cheaper to insure.

If you can improve your home to be more disaster resistant, you can save money.

7. Regular Home Maintenance and Inspections

Preventative maintenance can help you save on homeowner’s insurance costs.

You can do many home maintenance tasks yourself. These tasks include things like cleaning out your gutters. You can also wrap your pipes in the winter to prevent bursts and flooding.

Other maintenance tasks include removing old trees and cleaning out your chimney.

You should also investigate mold smells immediately. Black mold can make it difficult to insure a home.

To be safe, you can always have an inspector take a look at the condition of your home.

Get the Best Price on Home Insurance Premiums

Heritage Insurance can put together the right insurance package and save you money.

Our plans make sure you have the coverage you need. From basic coverage to extra insurance policies, we have you covered!

We want to help you get the best out of your home insurance policy. Our team will work with you to create an individual policy that meets your needs.

Contact us today to start a quote or ask us about insurance discounts you may be eligible for.

We look forward to hearing from you!