When you’re trying to save money, homeowner’s insurance is not one of those obligations you can safely eliminate from your budget. You can, however, qualify for discounts based on certain improvements you may have made on your home since you first took out the policy.
When insurance companies calculate premiums, risk is a factor that has a major impact on price. The lower the risk, the lower the premium tends to be. This is why home insurers generally give discounts to homeowners who make improvements that reduce the risk of a future claim, such as projects that make the home safer, improve its structural stability, or increase its value.
Here are four home improvements that can discount your insurance premiums and save you money.
Roof Repairs or Replacement
Repairing or replacing your roof renders your home less vulnerable to storm-related damage. In Florida, a newer roof with a secure attachment will typically comply with wind mitigation requirements and include a secondary water barrier to prevent leaks. These enhancements will provide stronger protection to your home during storm season and decrease the likelihood that you will have to file a claim.
Adding Hurricane Shutters
Hurricane shutters are affordable, easy to install, and a trusted way to protect your home from storm damage. They come in a variety of styles, from fabric barriers that enclose an entire porch or garage to roll-down shutters, and impact doors and windows. After installing the shutters, schedule a wind mitigation inspection with a certified home inspector.
Installing a New Security System
When you install a new security system and/or make protection-based improvements like new locks or outdoor lighting, you make it a lot more difficult for criminals to break into the property. A centrally monitored security system will provide for a safer home and will lower your insurance premiums.
Updating Your Old Electrical System
Another improvement that can have a positive effect on your insurance rates is updating the electrical system in your home. A new and modern system includes surge protection, GFCI or Ground Fault Circuit Interrupter protection, and arc fault protection, all of which will keep your property safer from electrical fires and related hazards.
If you have made recent structural and/or security improvements to your Florida home and would like to receive a new quote for homeowners’ insurance, contact We Insure Agent Rick Leal today. Lowering risk can not only lower your premiums, it will also give you something even more valuable—peace of mind.