Tips for Saving Money on your Homeowner’s Insurance (Part II)

In Part I, we looked at ways to save on homeowner insurance without spending any money. Now we will show you some investments you can make into your home that can further reduce your homeowner’s premiums:

 

Install an alarm system: Alarm systems are becoming more advanced and more affordable with each passing year. It is now possible to purchase an alarm system that can be wired into the local police department for a relatively low installation fee and a monthly commitment of around $1 a day. With home automation, many home alarm systems can be monitored remotely with your smartphone.

Upgrade your wiring systems: One of the leading causes of house fires is faulty wiring. Electrical fires also increase the chances of those smaller claims we discussed in Part I, claims you will likely need to handle out of pocket. Depending on the age of your home, consider upgrading to a newer and safer wiring system.

Upgrade your roofing materials: One of the most common homeowner insurance claims is roof damage. In recent years, a greater frequency of heavier storms with high winds, rain, and ice has taken its toll on our homes. If you have not updated your roof in several years, now may be a good time to consider it. Today, more advanced materials can protect your roof from heavier storms and keep you from having to replace the roof as often. A one-time investment in a roof upgrade could also qualify you for a discount on your homeowner’s policy.

‘Greenify’ your home: If you have the budget and want to go all out on saving money on your homeowner’s insurance, consider making your home LEED certified. Realistically, this option is probably beyond the scope of most existing homeowners. However, if you are constructing a new home or have the cash available, there are many potential benefits to having an environmentally friendly home. LEED certified homes are constructed with safer materials, use less water, pose a lower risk of fire, and qualify you for a discount of 5% or more with most insurance carriers. Ask your insurance agent if you would qualify for a discount by making your home LEED certified.

 

Owning a home is part of the American dream but sometimes without professional support and advice, it can become a nightmare. It is important to take preventative steps to maintain your home, to keep living the American dream, and save money in the process.