Last Updated on December 8, 2022
Homeowners’ insurance rates have been increasing in recent years. This can be attributed to factors such as higher crime rates, aging homes, and extreme weather events. Homeowners constantly look for ways to lower their insurance costs. While you can’t control the weather or crime rates, you can make home improvements that may help lower your insurance rates. Here are five home improvements that may help you do just that.
1. Install a Security System
Most homeowners insurance companies often determine premium rates depending on the safety and security of the home. It is based on the fact that the more secure your home is, the less likely it is to be broken into or vandalized. Installing a security system can give you the peace of mind that your home and its contents are safe while potentially helping you lower your insurance rates. If you are in the market for a new home security system, look for one with 24/7 monitoring. Be sure to install it according to your insurance company’s recommendations to maximize available discounts.
2. Update Your Home’s Electrical System
An outdated electrical system can lead to dangerous fires and electrocution. In addition, many homeowners insurance companies will charge higher rates if they find out your home has an outdated electrical system. To lower your insurance rates, have a professional inspect and update your home’s electrical system periodically.
An electrical system inspection should cover circuit breakers, outlets, wiring, and other electrical components. Make sure to check for any faulty or worn-out wires that could potentially start a fire. If you find any issues, be sure to get them fixed right away.
3. Add Storm Shutters or Impact Windows
Storms can cause a lot of damage inside and outside your home. Insurance coverage for storms can be expensive, but you can reduce the cost by installing storm shutters and/or impact windows. Storm shutters will help protect your windows from flying debris during high winds and hail, while impact windows are made of a particular type of glass designed to resist shattering during storms. Both of these measures can help protect your home from damage, lowering your insurance rates. The installation cost of these items can be expensive, but the savings you may get from lower insurance rates will likely make up for it.
4. Install a Fire Sprinkler System
Fires are one of the most common causes of home damage, and insurance companies often charge higher premiums if they find out that your home does not have any fire protection systems. Installing a fire sprinkler system can help protect your home from fires and also potentially help you save money on homeowners insurance. You should install a fire sprinkler system per the local building codes, so consult with a professional before installation. Double-check to ensure the system is compatible with your insurance company’s guidelines.
5. Increase Your Deductible
One of the easiest ways to lower your homeowner’s insurance rates is to increase your deductible. A higher deductible means that you will be responsible for more of the cost if something happens, but it also means that you’ll pay lower premiums. Consider raising your deductible amount if you want to save money on your homeowner’s insurance. When buying home insurance online, look for policies with various deductible options. This way, you can choose the best fit your needs and budget.
You can lower your home insurance rates in several ways. Installing a security system, updating your electrical system, adding storm shutters or impact windows, installing a fire sprinkler system, and increasing your deductible are some of the most effective ways to save money on homeowners insurance. Keep these tips in mind when shopping for your next policy, and you’ll be sure to get the best rate possible.
