How Renovation Can Help You Save On Home Insurance

May 16, 2013 No Comments by

Home renovation offers an opportunity to beautify your home and enhance comfort and resale value. But it can also provide an additional benefit that many people don’t think about—saving on homeowners insurance. In order to take full advantage of these savings, consider adding the following your home improvement plans:

Security Systems: Installing such things as state-of-the-art smoke detectors, carbon monoxide detectors, shatter-proof windows, and dead bolt locks can give you peace of mind but they can also help you save. Try to get equipment that connects directly with the police, fire department, or a monitoring station for the fastest potential response. Usually, the less the danger of disasters like fires and floods, as well as theft, the lower your insurance premiums will be. For example, installing a security system could save you up to 30% on your home insurance premiums! That amounts to substantial savings over time.

New roof, heating, plumbing, and electrical systems: If you live in an older abode and these home elements have not been modernized within the past ten years, you are going to have to pay higher premiums for your homeowners insurance because of the threat of fires, sewage back-up, and other calamities.

home construction

While you’re renovating other areas of your home, you should work with contractors to price out the updating of these systems. Keep in mind that although this may cost you extra money short term, in the long run it will save you money, because chances are you won’t have any related major insurance claims.

What other home improvements might lower my insurance premiums? This is a question you have to ask an experienced contractor. Now you can easily search for home improvement contractors online at sites like In order to find someone you can trust, ask the contractor to give you personal references and call these people to talk to them about the contractor’s work. Then check with a homeowner insurance agent to verify that the ideas he has given you will result in cost savings.

How can I get coverage for room additions, but still save on homeowners insurance? Chances are if your renovation plans include adding rooms to your existing structure, you are going to need more coverage, but you should go through your possessions and try to find other areas where you can cut back on coverage to equalize costs. For instance, a fur coat that is five years old and out-of-fashion, is certainly worth less than it was five years ago, so it no longer requires as much protection.

Remember, if you can get all of your renovations completed at around the same time, it will make for a lot less disruption in your home. Therefore, when you approach a project, it’s always advisable to see how a little extra work and investment now can save you money on things like homeowners insurance later.

Home Improvement, Home Insurance, Home Services

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