While renovating your home is a great way to increase its value, many of the improvements that boost your home's value can also render your current home insurance inadequate and thus expose you to losses. Conversely, some changes can lead to lower insurance premiums. Here are 14 home changes that your insurer should know about.
According to the Insurance Information Institute (III), repairing your roof or installing a new roof can lower your likelihood of making a home insurance claim as well as boost the value of your home. You can get big insurance discounts, especially if you live in wind-, hail-, or hurricane-prone areas and if your new roof incorporates loss-mitigation measures such as waterproofing and hurricane straps.
A trampoline or swimming pool can increase your home insurance premiums because they typically come with liability risks, including property damage, injury, and drowning. Before you get a pool or a trampoline, you should consult your insurer to ensure you're adequately covered.
Older and outdated wiring can increase the risk of an electrical fire. Many insurance firms don't cover homes that are still powered by outdated knob-and-tube wiring. You can lower the risk of fire by ensuring your wiring is less than 25 years old and up to code. In turn, your investment can boost the value of your home and lead to lowered home insurance premiums.
Insurers are extremely wary of water claims. Water leads to mold, and remediating a moldy house is costly. Therefore, you can significantly lower your premiums by making home changes that improve your plumbing system, as reported by Forbes.
Minor home changes like installing deadbolt locks can greatly reduce the risk of burglary. With proper locks installed and activated, the average burglar will have a harder time accessing your home.
An alarm system that's centrally monitored can be costly, but it's a fantastic investment that will help keep your family safe and lower your premiums.
Carbon monoxide detectors and smoke alarms save homes and lives every day. So, installing these two items greatly improves safety and lowers premiums.
While an indoor sprinkler system may be a big investment, installing such a system will not only increase your home's value but also lower your home insurance premiums. This is because a fire is unlikely likely to get out of hand when you have an indoor sprinkler system coupled with smoke alarms.
Green buildings are much safer than traditional homes; they reduce energy consumption and offer greater value in the long-term, which leads to reduced greenhouse emissions and losses, says the Insurance Thought Leadership. The changes that make your home more environmentally friendly can also boost its value and lower your insurance costs in the long run.
Most home insurance policies cover up to $2,500 of the value of equipment used in home-based businesses. This may not be adequate for businesses that draw in high foot traffic like piano lessons or businesses that rely on costly specialized machines. Therefore, you should consult your insurer if you want to run your business from home.
Replacing windows and renovating your exterior siding protects your property from storm damage and may qualify you for a discount. However, keep in mind that such improvements may result in a rise in your premium if the replacement cost of your house increases.
A fence surrounding your home might help lower the likelihood of theft or damage. In addition, if you have a pool, fencing reduces the likelihood of accidents and may lower your insurance cost. Check with your provider to see if they provide any discounts.
Installing smart home technology like video doorbells or items that can interact with your security system can lower risks of thefts and break-ins, increasing your eligibility for discounts.
One of the best ways to ward off potential burglars and make your pathways and driveways safe is by ensuring these areas are well-lit at night.
If you want help with your home insurance, call the professionals at Jack Stone Insurance Agency. Our team can help you accurately secure the right homeowners insurance in Hudson and beyond. Contact us today to get started before listing your home for sale.
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