September 29th, 2014
Your home is your most valuable asset, and how much you invest in it can help determine your home insurance rates. By keeping close tabs on the vital infrastructure of your home, like its water, heat and electrical systems, you may be eligible for discounts if you upgrade any existing features. This will not only keep your utilities low, but it will also keep you and your home safe.
Go over your homeowners insurance policy with your provider to see if you can take advantage of any of these safety discounts:
A new residence is naturally less likely to have structural problems if it was built according to code. Also, it seems more consistent that an insurance company shouldn't charge the same rate for a home that's brand-new compared to one that's 30 years old. Newer models are typically built with stronger materials and can be tailored to the needs of the specific homeowner - who may want multiple safety features installed.
Your roof can be a common source of leaks as a result of storm damage. Over time, shingles can become damaged or be removed, which will make your home more susceptible to outside problems. Replacing worn shingles with newer ones improves the safety of your home.
Whether it's cameras or an alarm - or both - a security system is a great way to deter potential destruction or theft from criminals. Insurance companies reward homeowners with security systems because they are then less likely to file a claim for property damage.
Not only can windows be updated to prevent breaking or blowouts, but shutters can be installed to protect them as well. Storm shutters keep wind pressure from breaking your glass, which can be a common insurance claim from homeowners.
New electric system
Updating your wiring, outlets and energy sources can mean lower monthly bills. Over time, electrical systems tend to wear down or become inefficient. This can lead to circuit breaks, power outages and even house fires. Renovating this aspect of your home can lead to a valuable safety discount.
Smokers are more expensive to insure for a number of reasons. By definition, they are less healthy than non-smokers and are associated with higher safety risks. Having open flames and lit cigarettes in your home means your house is more likely to catch fire. However, just because you don't smoke currently, if you have smoked within the past two years, then this discount will not apply.