Home insurance is just like any other type of insurance—the greater the risk factor for the insurance company, the higher your premium will be. But here’s the good news. The more you are able to do to reduce your risk factor, the more you’ll be able to reduce your insurance costs. Best of all, many insurers offer discounts for home safety features, which means you’ll be protecting your home and family while also saving money. Every insurance company has different programs with their own requirements and rules, so it’s worth it to ask which discounts your provider offers.
Ready to find out how you can make your monthly premium more affordable? Here are some of the best home safety tips that will protect your home and just might earn you a discount from your insurance provider.
Install Fire and Burglary Alarms
It turns out that adding an alarm system to your home does more than just keep your family and property safe. It can also lead to a lower home insurance premium. After all, insurance companies assess your home for risk factors and potential future claims. If they feel you are less likely to file a burglary claim because of the security in your home, you may be eligible for a discount.
Most insurers will offer a discount of at least 5 percent for a smoke detector, burglar alarm or even dead-bolt locks. Some companies offer to cut your premium by at least 10% if you install a sophisticated sprinkler system and an actively monitored fire and burglar alarm that rings at the police, fire or other monitoring stations.
However, some of these systems can be quite pricey, and not every system qualifies for a discount. Before you make a purchase, find out which type your insurer recommends, how much the device would cost and how much you’d save on monthly premiums.
Protect Against Storm-Related Damage
Homeowners in Florida and Louisiana pay some of the highest home insurance premiums in the US, since they’re prone to hurricanes. If you live in an area that’s considered high-risk for storm-related damage, insurance companies may offer you better coverage and discounts for using extra protection. Some examples include:
Roofing: Having impact-resistant roofing or building your home to fortified roof standards can reduce the risk of storm damage and water leaks that can cause numerous problems throughout your home. As a result, you could save as much as 55% on premiums.
Weather-resistant shutters and windows: Hurricane shutters and impact-resistant windows are designed to protect your windows from the strong winds and potential damage severe storms can cause.
Add Home Safety Precautions
When it comes to home safety, keeping your house protected from intruders is just as important as preventing dangerous accidents. And in the eyes of insurance companies, a safety-proofed home means less risk of accidents that could damage the home and require an insurance claim. Here are just some of the features that could lead to a discount on your insurance rates:
Carbon monoxide and smoke detectors
Fire sprinklers, fire alarms, and fire extinguishers
Fire hydrants within 100 feet or the home or a fire substation within close proximity to your property
Dry hydrants (for rural areas and locations that are not within close proximity to a fire hydrant)
Handrails alongside stairs
Updated wiring systems for multiple appliances
Well-grounded outside antenna
Fence with a locked gate around a backyard pool
Adding some of these protections may double the discount of what you’ll receive for just a standard fire and burglar alarm—especially for centrally monitored systems.
Upgrade Your Systems
Aging or leaky pipes, faulty wiring, and heating or AC units that are out of date create potential hazards in your home that can lead to expensive insurance claims. This is especially true if you live in an older home that still has aluminum or knob and tube wiring, for example. You can significantly reduce the risk of an unexpected catastrophe by upgrading or improving these systems. Not only will you be making your home safer, you’ll likely see a substantial rate reduction, too.
Invest in Smart Home Technology
Many insurers offer policy credits and discounts—usually 5-10%—if you install smart home devices in your home that help minimize risk. Smart devices that can make your home safer and earn home insurance discounts include:
Automated home security systems: Smart locks, cameras, and sensors (such as video doorbells) can detect intruders and notify police without your assistance.
Smart lighting: Program lights to turn off and on when the house is empty or everyone’s asleep, thereby deterring potential thieves.
Smart thermostats. Some smart thermostats can pair with your home security system for extra protection in the event of an emergency or disaster. Many feature an alarm that sounds to notify you when suspicious activity is detected, or if rising temperatures indicate a potential fire.
Geofences: If you forget to turn off an appliance or lock the door when you leave home, a geofence will use its smart home system to sense it and automatically lock the door or turn off the oven.
Water shut-off sensors. Water damage is one of the most common home insurance claims—and it can be expensive. Automatic water shut-off sensors reduce the risk of water damage, which can also help to lower your home insurance.
Avoid High-Risk Features
Debating whether or not to install a pool or add a trampoline to the backyard? As fun as these items can be, they also increase the risk of accident and injury on your property. Getting rid of these items could result in serious savings on your insurance.
Protect Your Home With Insurance That’s Comprehensive and Affordable
When it comes to home safety, nothing offers you as much protection as a reliable home insurance policy. That’s why we’re proud to offer some of the best coverage rates in the industry. Thanks to our fast and affordable online insurance quotes, you can choose a plan and get your coverage in just minutes. Get your free quote today and join the rest of the homeowners who are saving every month.
Trying to get just the right amount of homeowners insurance for your house and personal belongings can feel like a balancing act. If you under-insure, you won’t have enough protection if your home is damaged or destroyed in a fire or another disaster. Yet if you over-insure, you’re essentially wasting money each month on unnecessarily…
Ah, the charm of winter. With heavy snowfalls, twinkling holiday lights, and nights in front of the fireplace, there’s nothing like the coziness of the colder months. But those same things we love about the winter are the very elements that can create potential dangers for your home—from storm damage to house fires. They can…
Disabled individuals have a lot to think about when it comes to their home’s accessibility. In addition to modifying a home an outfitting it with any necessary equipment to make it more accessible, they also need to think about insurance. Although most of their insurance needs will be similar to those of other homeowners and…
Your roof is your home’s first line of defense against conditions like wind, rain, heat, and hail. It’s also one of the leading reasons why homeowners file insurance claims. Estimates of U.S. roof claims exceeded $19 billion in 2021, making up nearly one-third of all property loss dollars, according to analytics firm Verisk. Most of…
If you’ve ever knocked over a candle or left food in the oven a little too long, you know how scary the threat of a house fire can be—and how easily it can start. And while fire insurance coverage is included in most homeowner policies, it often comes with exclusions that may not give you…
Every 86 seconds, a fire department in the United States responds to a fire somewhere in the nation. From unattended cooking to faulty heating equipment and electrical malfunction to careless smoking, home fires can occur for a variety of reasons—but most home fires are preventable. Thankfully, keeping your family and your home safe is as…