Did you know that some updates can actually lower your Austin home insurance costs? That’s right. The condition of your home, especially a few key components, has a significant impact on your monthly premium. Here’s a look at the home updates that have the best potential for lowering your insurance costs.
Safeguard Against Natural Disasters
If you live in an area where natural disasters aren’t unheard of, you could potentially save up to 30% on your insurance by properly protecting your home. Installing storm shutters, cutting back tree limbs and sealing your roof are all ways to lessen the impact if a storm strikes and lower insurance costs.
In older homes, if the plumbing hasn’t been updated it’s a big red flag for insurers. Plumbing problems mean water damage, which leads to a lot of expensive fixes. Is your plumbing 20-25 years old? Has it had issues in the past? If so, making updates can have a positive impact on your home insurance bottom line.
If your roof is already in need of repair or getting close to the end of its lifespan (i.e. 25 years or older), getting home insurance that covers anything up top could be difficult. And it will most certainly be more expensive than it otherwise would be.
A new roof may be a bit of an investment but you can at least recoup some of the cost with savings of up to 20% on your insurance and get better coverage in the process. Opt for an impact-resistant roofing material for the best chance at a big reduction.
Electrical systems that are old and not up to code are seen as a liability. Not only is it prone to having technical problems, it can also be a fire hazard (see below). While it may not save you on your monthly premium, having your electrical system up to code can save you in the long run should your home be destroyed or heavily damaged.
Home insurance doesn’t just protect you from natural disasters and system failures. It also covers you if your home is burglarized. Naturally, anti-theft systems, which ward off break-ins and limit the collateral damage are a big plus in the eyes of your insurer. Installing a burglar system is a great way to protect your family and lower your home insurance cost by up to 10%.
Like anti-theft systems, a fire protection system is also a way to protect your home while knocking a little bit off the cost of your insurance. Consider adding smoke alarms as well as security systems that alert authorities or the fire department of a potential fire.
If you do invest in any of the updates above, make sure to let your insurance company know so you can hopefully save a little bit each month on your premium.
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Original Source: http://www.mybiginsurance.com/insurance-know-how/home-updates-can-lower-insurance-costs