Home Updates That Help Lower Home Insurance Rates
Your home insurance company may reward you with discounts if you update your home to reduce damage and injury risks. Below are examples of updates that may qualify you for the discounts.
Burglaries cost your insurance company money since the company has to compensate you for the lost items. Thus, updates that make your items difficult to steal may lower your premiums. A good security system is one of these updates.
Many insurance companies have specific requirements for home security systems that qualify for discounts. For example, many companies require you to install a monitored system and have a professional contractor install the system. Talk to a home insurance agent to find out more.
Smoke often precedes a fire outbreak. Fire outbreaks cost costly damage because a fire can burn everything to the ground, especially if no one is around to put out the fire or call for help. A smoke alarm reduces the risk of fire since it alerts you to an impending fire at the first whiff of some. Thus, many carriers reward homeowners with discounts for installing smoke alarms.
Fire Suppression System
A fire suppression system can control or extinguish a fire outbreak, limiting fire damage. An example is a sprinkler system that uses water to put out a fire. Another example is a gaseous system, which relies on inert gases to starve the fire of oxygen. Such systems limit fire-related damage even if the fire starts while you are away.
Combustion appliances, such as gas furnaces, produce carbon monoxide (CO) and safely exhaust the gas out of the house. Appliance malfunctions, restricted vents, and combustion problems can allow CO to contaminate your house. CO contamination is poisonous, which can make your guests sick and become the basis for their injury claims against you.
Home insurance covers sudden or accidental water leaks, such as burst pipes, but not water outside the house. Water leaks cause various damage; for example, the water:
- Encourages mold to rot
- Triggers metal corrosion
- Can cause electrical damage
The water volume and duration of exposure determine the damage extent. A moisture or leak detector alerts you the moment it senses moisture. That way, you can protect your personal belongings and plug the leak to minimize the damage. Thus, many insurance companies consider leak detectors when calculating premiums.
Lastly, you may also enjoy low insurance rates by installing hurricane shutters over your windows. Hurricane shutters reduce the risk of water intrusion and prevent wind and debris from getting into the house and causing damage. Work with a contractor to choose and install the shutters, and inform your insurance company to get the discount.