The cost of your home insurance depends on many things, including deductibles, the overall amount of coverage, the age of your home and where it is located. Your insurance also covers household accidents. For example, should a visitor slip and fall in your kitchen, your homeowners insurance will foot some of the bill for his or her ER visit and related medical costs.
Because of the many variables involved in determining the price of a home insurance premium, there are a number of things that can be done to lower the cost. Some are straightforward, like raising your deductible, while others fall into the home improvement category. There are many different do-it-yourself upgrades that will lower the price of your homeowner’s insurance.
Replace your Washing Machine Hose
It is such a small thing that no one realizes it; however, the simple act of upgrading your washing machine hose can save you some money on your home insurance. Look at it from the perspective of your insurer – a burst water hose can lead to water leaking all over your basement. If you have a basement “man cave” or entertainment room with a large television set or other electronics, the water can damage them, leading to a large insurance payout.
By replacing this short water hose with one that is burst-resistant, you will be showing your home insurance company that the odds of this scenario occurring are rare. In turn, they will lower your monthly insurance bill. It may not be by much, but every little bit helps!
Install Fire Alarms, Smoke Detectors and Carbon Monoxide Detectors
Another way to save money on your home insurance premiums is by installing a number of safety measures in your home. Many people have a simple smoke detector, but how many make sure that it works and replace the battery on a regular basis? Installing a set of new, more sophisticated smoke detectors (one on each floor is recommended), as well as other fire prevention measures, is a great way to ensure your safety and lower your homeowner’s insurance at the same time.
Other things to install, besides smoke detectors, are fire alarms, carbon monoxide detectors, and fire extinguishers. It is rare for a house to be large enough to require a sprinkler or fire suppression system, but if it is, those are recommended as well. All of these things – especially a fire alarm system that is hooked up to your local fire station – will make your house safer, and thereby lower your home insurance costs.
Install a Backup Generator
Unbelievably, a backup generator is good for more than just keeping your ice cream from melting during a power outage. They will also prevent your appliances from becoming damaged. Moreover, who has to pay when your appliances are damaged in a black out? Your homeowner’s insurance company, of course. That is, unless you have a very good warranty on your appliances that covers this.
Because of this, installing a generator so that it kicks in when the power goes out will lower your insurance costs. It also shows that you are a prudent homeowner who is prepared for just about any scenario, and this will go a long way where your insurance adjuster is concerned.
Whether you pay for your home insurance on a monthly basis, have it worked into the cost of your mortgage, or simply pay your yearly premium amount all at once, all of these home improvements can lower your bill significantly. You will still have the coverage that you need, only for a lower price. And who does not appreciate having a little extra money to spend elsewhere?
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