One of your main responsibilities as a homeowner is maintaining the condition of your residence. Home renovations might cost you a pretty penny, but some repairs are worth it when they can reduce monthly insurance premiums. Here are some smart renovations that will help you save money on your home insurance:
Garage Door
Financing a garage door repair can net you some pretty significant insurance benefits and reductions in your monthly premiums. This is because you’ll be improving the safety and security of your home, your belongings, and your garage by either repairing an existing one or replacing it with a new one. Don’t forget to let your insurer know that you’ve made these repairs so that they can ensure you get the best possible benefits.
Plumbing System
When you fix your plumbing system, you ensure that your home’s water supply, waste distribution, stormwater drainage, and vent pipes are all in excellent working condition. This means that the faucets, toilets, and all other instruments that make use of pipes and drainage will work seamlessly. These fixes mostly affect your kitchen, bathroom, basement, swimming pool, and garage.
Roof
Roofs are constantly exposed to the elements. This makes them prone to damage, shingle loss, leakage, and more. Insurance companies are well aware of this, and they also know that roof repairs are quite an expensive undertaking. This is why you’ll get your money’s worth out of a roof repair. You’ll likely get rewarded when you opt for metal, slate, tile, or asphalt roofing and impact resistant shingles. These are durable materials that can withstand constant wear and tear.
Security System
A basic security surveillance system might include a house alarm and a CCTV. Installing these might guarantee you a large home insurance discount since you’ll be improving the security and safety of your home. Take note that some insurers require you to purchase your alarm system through an approved company before they approve you for any discount on your insurance policy.
Fire Detection System
Installing a fire detection system increases the security of your home against fire hazards, even when you’re not there. Fire detection systems can go off and alert the fire department of a fire in your home even if you’re away from it. Arming yourself with a smoke detector and a carbon dioxide monitor alarm is a great place to start before you move on to more sophisticated gadgets. A fire monitoring system doesn’t just save your home and give you big home insurance discounts; this particular system can save your life, too.
Electrical Wiring
Old electrical wiring that’s still made of aluminum can significantly increase the price of your insurance policy. It’s wise to upgrade your electrical wiring to more modern copper wiring instead. Upgrading to a more modern system ensures that your home adheres to new safety standards that will minimize the risk of a fire starting in your home. Home fires will not just destroy your home and valuables but also put you in harm’s way. Taking the time to lower your risk results in cheaper insurance premiums.
If you’re interested in renovating your home without breaking the bank, these areas are a good place to start. Not only will you be revamping your home and ensuring its safety and security, but you’re also making yourself eligible for a couple of home insurance discounts.
