If you are in the process of purchasing an older home, you may find that home insurance premiums are a little higher than you planned on. That is because of the increased risk, in the eyes of the insurance company, of you filing a claim for assistance. However, there are steps you can take to make your home seem like less of a risk for the insurance company that will also improve your overall safety and value of your home.
#1 Put In New Fire Alarms
The first thing you should do is put in new fire alarms. Fire alarms should be replaced every decade or so, although there is a good chance that the fire alarms in your home are much older than that as this advice is often forgotten. When you put in fire alarms, make sure that you install fire alarms near the kitchen and outside of or next to each bedroom in the home. You should also install fire alarms on each level of the home. The more fire alarms you have, the safer your house will appear to the insurance company.
#2 Update The Electrical Wiring
One of the big risks with older homes is the electrical wiring. When the electrical wiring gets old, the chance of a fire within the walls of your home greatly increase. If you know that the electrical wiring in your home is really old, it is worth the investment to upgrade it. Upgrading the electrical will cut down on the risk of an electrical fire occurring at your home and will also ensure that your new home will be able to handle your 21st century electrical needs.
#3 Put In A Home Alarm System
Next, you should consider putting in a home alarm system. A system that provides protection on all of your windows and doors is a good place to start. A video surveillance system is even better and provides a higher level of security and potential insurance premium discounts. Installing a home alarm system will show your insurance company that you are taking steps on your own to keep your home safe.
#4 Update The Roof
If the roof on your home is more than two decades old, you may want to consider updating the roof. Installing a new roof can prevent a host of issues, from leaking water to rotting insulating and other home fixtures. Having a newer roof is another way to reduce the risk of insuring your home in the eyes of the insurance company.
Make these changes to your home, and see what other changes you need to make to your old home to reduce the homeowner's insurance premium that you pay as well as increase the overall value of your home.