Home Improvements That Can Save You Money On Homeowners Insurance

July 16, 2018

© Denise Kappa Dreamstime

Probably the biggest monthly expense you have is your mortgage and right up there is your homeowners insurance. But with home improvement season in full swing, a few improvements you make can save you money on your homeowners insurance premiums.  For instance, installing a home security system not only can make you feel safer but it can reduce your premium by 2% to 5%. If you upgrade the electrical, heating, and plumbing systems in your home, your home insurer may reduce your premium because your home will be less vulnerable to fires or flooding from a burst inside pipe, which is covered by homeowners insurance. That savings can be up to 33% depending on the upgrades and your insurer. Your roof is probably the single biggest factor affecting your policy. For most homes, asphalt or composite shingles are used and have a lifespan of 12 to 30 years, but just like car tires, just because the warranty is for 60,000 miles doesn’t mean they will last that long.  There is a lot of rain, wind and lightning in Florida. In many cases, insurance companies offer discounts on the type of material used on your roof. While all homes are required to contain smoke detectors, some insurers offer discounts for certain detection devices, such as those that detect gas or water leaks or alert you remotely when a fire or burglary is happening. Finally, it may be worth installing a home generator because, well it's Florida and we will lose power and the cost of installing a generator to keep essential electric system working not only will ensure you remain comfortable during power outages, you can save anywhere from 4% to 10% on your premiums.

SOURCE: Consumer Reports

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