4 home improvements that can lower home insurance costs
Certain home improvements, such as replacing your roof, can reduce the chances that you’ll end up with damages. And you might be able to save money on your home insurance policy as a result of lowering your home’s risk. Check with your insurance company to understand what kind of discounts, if any, you could receive for upgrades before going ahead with any improvements.
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Installing a home security system
Installing a security system in your home could reduce your insurance rates since it can lead to a lower chance of theft and other vandalism damage to your home. Whether your insurer will reduce your premium depends on the type of system you install, your policy, and whether the alarms go straight to a dispatcher rather than simply alerting you.
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On average, home security systems cost between $300 and $840 to install, according to HomeGuide. Costs may vary depending on the system’s quality and whether you pay an agency to monitor your home.[1]
Upgrading your home’s systems
Upgrading your home’s systems may help reduce your home insurance premiums and could even increase the value of your home. Check your electrical system, your plumbing, and HVAC system to see if they could use upgrades, and talk to your insurer about what discounts it offers for home improvements.
Adding water leak sensors or a sump pump could also help you lower your premiums since these can help reduce the likelihood of water damage insurance claims. Smoke detectors, fire extinguishers, storm shutters, and other safety upgrades can also help reduce the amount of damage sustained during a fire or natural disaster.
The average cost to upgrade your home’s wiring can be between $10,000 and $30,000, according to HomeGuide, so weigh the costs and benefits before upgrading.[2] On the other hand, a sump pump only costs around $1,000 on average to install.[3]
Replacing your roof
Replacing your old roof might help you lower your homeowners insurance rates because a new roof will better protect against wind damage and reduce the risk of leaks, especially in hurricane-prone areas.
Newer roofs often have better materials and updated features. If you replace your older roof with one more likely to withstand a hurricane or fire damage, you could see lower rates from home insurers. You can expect to pay between $5,700 and $16,000 for a roof replacement, depending on the roof’s size and the materials used.[4]
Using smart home technology
Devices like doorbell cameras and automatic lights can help you protect your home and keep other costs down. Plus, you can monitor what’s going on while you’re out of town and act quickly if there’s a problem.
Ask your insurer about any discounts for smart technology home improvements. On average, converting your home to a smart home is likely to cost around $835.[5] Your monthly costs may be higher if you have smart home gadgets and active monitoring by a third party.
Read More: Top 12 Home Insurance Discounts