Since your home insurance premium is directly related to your home’s value, you may not associate improvements with lower costs. However, there are some upgrades that can make your home safer, and you less likely to file a claim. Be sure to alert your agent if you have completed any of these home upgrades to reduce insurance costs.
Adding a Security System
Many insurers offer discounts for comprehensive security systems. These are generally connected to a central monitoring system that provides two-way communication between the house and responders. This reduces response time when true emergencies do occur. Even if you don’t have a security system, you may be eligible for discounts for standard features such as deadbolts and localized alarms.
Replacing the Roof
A new roof is a major investment, but you may be able to recover some of that cost in lower insurance premiums. That is because new roofing materials are more durable than an old, worn roof, so it is less likely to get damaged. Use weather- and fire-resistant materials to maximize discounts.
Outdated electrical systems can be a major fire hazard, If your home is older, it may be time to consider upgrading to a more suitable system. That could mean a larger service panel, new wiring, or anything in between.
Be sure to notify your insurance agent when you complete any home improvements. You might be pleasantly surprised at what upgrades can lead to a lower premium.