Home improvements that save money on insurance premiums

If you’re considering taking on some new home improvement projects, think about choosing some projects that could potentially help you save on home insurance!

Here are seven home improvement upgrades that could help reduce your premiums. 

Replace your furnace with either an electric or gas model.

If you are currently using an oil furnace, wood furnace, or pellet stove, switching to an electric or gas model could lower your premium. Updating your furnace is a benefit because it reduces the likelihood of fire and is a much less risky model when compared to the previously listed, more outdated models.  

Replace your knob-and-tube, aluminum, or 60-amp electrical system.

These systems are commonly found in older homes and have an increased chance of overheating. Upgrading to an electrical system with a minimum of 100 amps and using modern wiring materials such as copper can significantly reduce the risk of an electrical fire occurring – again, giving you potential savings on your premiums.  

Upgrade your plumbing.

If your home has galvanized or lead pipes, the chance of corrosion occurring is likely. This can lead to clogged water lines and water even damage. Consider upgrading to copper or plastic pipes to prevent this problem and save money! 

Install a sump pump or backwater valve (or both).

This will inevitably lower your risk of a potential water damage claim, as a sump pump is created to pump water away from your home’s foundation, and a backwater valve prevents any sewage from flowing into your home in the case of a sewer backup. Both systems significantly lower the risk of flooding in your home and get you discounted home insurance rates.  

Replace your roof.

In the event of a major storm or other severe weather, an older roof most likely won’t be as durable as a newer one, meaning it could sustain worse damage. A damaged roof can quickly develop leaks that turn into costly water damage down the road. Therefore, an older roof can lead to higher premiums. It is good practice to have your roof inspected at least once a year, repair any damage. Depending on where you live, using certain roofing materials could qualify you for a discount on your home insurance premiums, including concrete and slate tile. Contact your Dedicated Bryson Insurance broker to see if you are eligible.  

Install a security system.

Having a security system in place at your home will, of course, assist in discouraging or catching any unwanted guests. Before buying your system, consider whether you want to self-monitor or have a third-party monitored alarm system. Beyond making your home less attractive to criminals, it can also qualify you for an alarm discount on your home insurance premiums. It is essential to check with your Bryson insurance broker to see if it makes a difference when qualifying for discounts.

Make your home smarter.

Many insurance companies offer premium discounts to homeowners and tenants who invest in certain types of smart home technology. Smart smoke and carbon monoxide detectors, which send alerts to your device if they detect smoke or carbon monoxide in the air, are prime examples of this. Another example would be smart water sensors, which alert you and turn off your home’s main water supply to prevent any flooding from occurring whenever a leak is detected. These are investments that can save you money on your insurance premiums! 

First and foremost, please ensure that whichever home improvement projects you decide to tackle, you seek help from qualified professionals who can assist you in making the best choices when it comes to materials and meeting safety standards. Ensure you reach out to your insurance broker before you begin working on any projects to determine if and how your home insurance premiums could change.