How home renovations can reduce your insurance rates.
Most homeowners assume that the only way to lower their home insurance rates is by reducing their coverage. However, this simply isn’t the case. There are many steps that you can take to keep your insurance costs down without compromising your protection. For instance, completing certain remodeling projects can actually save you money on your insurance. Here’s how home renovations can reduce your insurance rates.
- Roof Replacement
While replacing your home’s roof does require a financial investment, the amount of money you will save on your insurance will make up for this cost. To ensure that this renovation results in insurance savings, you should discuss your plans with your agent ahead of time. Your insurer will likely have requirements for making your roof safer, less vulnerable to leaking, and more wind resistant. Meeting these requirements will help you save on your insurance and on roof repairs down the line.
- Electrical System Update
If you own an older home or if your circuit breaker hasn’t been updated in 40 years or more, then updating your electrical system is a great way to improve the safety of your home. Because an updated electrical system will reduce your risk for fire, many insurers will offer you lower rates for making this upgrade.
- Plumbing Upgrade
If you notice puddles forming behind your appliances or water damage forming near your pipes, then these are signs that your home’s plumbing system is outdated. By updating your home’s plumbing, you can significantly reduce your risk for serious water damage and flooding on your property. Many insurance providers will offer discounts to homeowners who undertake this renovation project.
This is how home renovations can reduce your insurance rates. Interested in securing the right homeowners insurance at a price that fits your budget? Then contact the experts at 01 Insurance in Astoria, New York. We are ready to get you the coverage that you need today.