Home insurance is not a luxury, it’s a necessity.
Although it can be expensive to buy a comprehensive homeowner’s insurance package, it is a must nonetheless if you want to make sure that your loved ones and your property are protected in case of any unforeseen event.
However, there are a few things that can lead to lower premiums, for example, upgrading your house. If you are looking for ways to lower your home insurance rates, then the following tips can help you save.
Install Burglar Alarms and Security System
A home security system is one of the simplest ways to lower your home insurance rates because it reduces the risk of loss due to theft, burglary or any other similar incident. Most of the insurance companies offer discounts if you take some measures to secure your house or will lower the rates if there is a security system already in place.
A centrally monitored burglar alarm means that the home security company can keep track of when an alarm goes off and send help accordingly if there is any threat or danger.
Smoke Detectors
This is a must-have especially if you live in an area with a high risk of fire hazards or a region where wildfires are common.
Upgrade the Plumbing
Upgrading the plumbing is another home upgrade that can lower home insurance rates. This is especially useful if there are water stains forming on the walls or on the floor. The presence of mold and mildew in the crawlspace, basement, or any other place, as well as puddles forming behind appliances, is a surefire sign that the pipelines need to be replaced.
Upgrading the plumbing in your house won’t be easy on your pocket but consider it as an investment that will prove to be beneficial in the long run.
Install Water Shutoff Devices
If there is no visible need to upgrade the plumbing or it seems too expensive and you feel like you can pull off a few more years before it becomes absolutely necessary, then installing water shutoff devices might be a better fit for you.
Water leak sensors or devices that cut off a home’s water supply when they detect damage to pipes or water lines can reduce your homeowner’s insurance rates by a notable amount.
Upgrade the Electrical System
Was your house constructed more than 3 decades ago? Do the lights dim or fluctuate temporarily when you turn on a heavy electrical appliance?
If you answered yes to either one of the questions above, then it might be time to upgrade the electrical system in your house.
Old or worn out electrical infrastructure will not only increase your electricity bills but it is also severely hazardous.
Also, if you use several extension cords to power different appliances because the existing direct outlets are not sufficient, then you must consider installing more sockets because overloading can lead to electrical fires. However, do not try to do this upgrade on your own.
Call in your local electrician or a consultation company to get an estimate and then take the required measures.
These upgrades are known to decrease the cost of home insurance policies. However, consult your insurance provider before you begin. Different insurers have different criteria so before you start on any home updates to lower your home insurance rates, make sure you are well informed about all the terms and conditions, the amount that you will really save, and any other policies that might apply.
