When starting a home improvement project, most homeowners keep resale value in mind (and in their budget). If you’re planning on staying in one place for a while, though, there could be a more important consideration: insurance discounts! Much like additional safety features on a new vehicle warrant discounts on your auto insurance, certain renovations can do the same for your homeowners’ insurance. You just need to know where to focus.
On Your Roof
Although this can be one of the biggest and most expensive home improvement projects, it’s also one of the best investments from an insurance standpoint. If you think about it, your roof is your first line of defense. Against weather, against water, against structural damage, and rot. So, replacing an aging roof with a brand new one drastically reduces your claims risk—and insurance companies know that. Therefore, if you’re willing to undergo the renovations, many carriers will reward you with a discount on your homeowners’ insurance. The percentage will vary depending on the company, the roofing material(s), and even where you live. Still, the average savings range from as little as 5% up to 35%. On an annual basis, that adds up!
In Your Security System
Speaking of reducing risk, an up-to-date security system will do wonders. Whether you go with a fully-integrated system with monitoring services or start out small with a video doorbell and motion-activated floodlights, it never hurts to ask about available discounts. Some carriers give better discounts for safety and security features that are monitored by a third party, since they’re constantly connected to emergency services. But, if you’re diligent about protecting your home, you can find the right company for your homeowners’ insurance. You may just need to work with a broker who’s contracted with multiple carriers for the best assistance.
While not particularly exciting, modern electrical systems are a necessity. Hopefully, you got a home inspection before you bought your current house, but not all electrical issues become apparent during a brief walkthrough. If you take the initiative to upgrade your wiring with all available safety features, your homeowners’ insurance could reward you! While you’re at it, add a generator, some new smoke detectors, and a few other small updates for a bigger discount overall. These features will do more to ensure your family’s safety, even as they save you money. The same goes with plumbing home improvement projects!
Some of these renovations are larger than others, so accomplish what you can at a comfortable rate. We can help you with some of the bigger projects—including roofing replacements—to help you earn these discounts! Talk with an expert at Schaefer Exteriors to start saving today.