Can Home Upgrades Help You Save On Your Insurance Premium?

Many home improvement projects can increase your home's value, but could it also result in savings on your homeowners insurance premium? Making certain updates to your home which could drastically reduce the risk of damage to your home and personal well-being can reduce your homeowners insurance premium in the event the unexpected occurs.  We would like to provide you with a few ways you could save some money on your insurance premium and a few other ways home updates could save you some money.

Hurricane Protection Devices

Should your home not contain hurricane protection devices on its doors, windows and garage doors, you could be missing out on significant savings. Many hurricane protection devices are available, including metal panels, hurricane impact windows and doors, accordion shutters, and hurricane/wind-proof fabrics. Do your research to determine which hurricane protection devices would work best in your home and best fit the needs of you and your family.  The state of Florida allows homeowners carriers to extend hurricane device credits only when all the openings of your home are protected, including your front door and garage. If one opening is not protected, you will miss out on receiving any credits. Should you be interested in adding hurricane protection devices to your home, we recommend researching vendors and gathering estimates well in advance of Hurricane Season to capture savings on the labor and materials and faster turnaround times.

A New Roof

If you have replaced your roof in the past few years or are planning to do so in the near future, you could be eligible for a discount on your home insurance. As a general rule of thumb, if your tile roof has not been completely replaced in the last 25 years, or your shingle roof has not been replaced in the last 15 years, a replacement is in the future due to everyday wear and tear. So, how will a new roof save you money? As with the hurricane protection devices, homeowners insurance carriers can only extend roofing credits to their policyholders when a Wind Mitigation Form is completed by a licensed inspector, detailing when the new roof was installed, its new features, and photos. Once the inspection has been completed and the documents submitted to your carrier, you may be eligible for savings on your insurance premium.

Security Systems

Regardless of the neighborhood you live in, your home is at risk of being burglarized. Having certain security and theft prevention devices installed throughout your home can not just protect your property and loved ones, but could result in an insurance discount. Having a security system which has an alarm can deter a burglar and alert the authorities immediately. Depending on your homeowners carrier, having such devices could provide you with some credits towards your premium.

Other Ways to Show Your Home Some Love and Save You Some Money

Although you may not necessarily receive any discounts on your homeowners insurance, showing areas of your home a little TLC can go a long way in keeping your home safe, increase its value, and may even save you some money. Here are a few ideas to consider:

Update your Curb Appeal: Your home's curb appeal is the first impression others have of your home. Little improvements you make now, can go a long way. Remove dirt build-up from your sidewalk, driveway, and walkways with a good power wash. It's the perfect time to exercise your green thumb and make some changes to your landscape while the weather is a bit cooler.

Have a Paint Party: See your home in a new light with a fresh coat of paint. Painting can be a simple and inexpensive way to change the whole look of a room. If you do not want to paint an entire space, consider adding a pop of color with an accent wall or painting a piece of furniture. Adding a fresh coat of paint could increase your home's value and appeal should you be in the market to sell.

Easy Updates: There are so many innovations available for your home, which may save you some money and keep your home and family safe. Consider installing programmable lights and/or thermostats to give you the ability to set your devices remotely, or to work on your schedule. Doing so could save you some money on your next electric bill.

Remember to Contact Your Agent

It is important to note, making changes to your home could also impact your premium in the form of an increase. Should you be making any additions or major upgrades to your home, you want to make sure your new additions are adequately covered. Contact your local agent as soon as any updates are made so your policy can be updated.  Each homeowners carrier is different and may offer unique discounts. We recommend you contact your agent about what discounts may be available to you. Should you have any additional questions in regards to additions to your home and how it may affect your policy premium, contact your agent, or give us a call at 866-568-8922 for assistance.

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