The place where you live, how old it is, and its value are all things an insurer considers when determining risk. But so are the safety measures and upgrades you’ve installed.
If you want to lower your homeowner’s insurance premium, there are a number of home safety upgrades you can install and discuss with your insurer. Not all safety features will get you a discount, but some of them may be considered by certain insurance companies.
Here are 7 of the top home safety upgrades that may help you get a lower homeowner’s insurance premium:
1. Monitored Fire & Burglary Alarms
A monitored fire and burglary alarm can be a wise investment, as it helps keep your family safe. But did you know that just having alarms and security systems in place can get you a homeowner’s insurance discount? Be sure to ask your insurance agent if monitored systems get you a discount, and if they’ll require professional installation and/or monitoring.
Safety tip: Always make sure there’s a discount before investing in an expensive alarm or security system.
2. Electrical System & Outlets Upgrade
Faulty or outdated electrical systems can be a fire hazard. Having a qualified electrician look over your electrical system, outlets, circuit breakers, and electrical panel can help you determine if there are any fire hazards and allow you to upgrade your home electrical safety.
In addition to replacing any faulty outlets, you may want to discuss installing GFCI outlets in your home, especially in your kitchen, bathrooms, garage, and anywhere else that uses water.
Be sure to save your electrician’s invoices, documentation, and certifications as proof of electrical upgrades.
3. Water Leak Detectors & Automatic Shut-Off Valves
Did you know that a single dripping pipe can waste thousands of gallons of water and lead to thousands upon thousands of dollars in damages? Water leak detectors can detect water leaks, and automatic water shut-off valves can prevent a dripping pipe from dripping any more water.
Some insurance agencies will give a discount on homeowner’s insurance for water leak and drip detection devices, so be sure to bring up this type of water damage prevention when discussing insurance upgrades with your agency.
Placing water leak detectors near your water heater, washing machine, dishwasher, and anywhere else water might drip or leak is a great way to help prevent water damage.
4. Impact-Resistant Roofing Material
Your roof protects your home from the elements. If you live in an area where high winds or hailstorms are a concern, you may want to discuss getting impact-resistant roofing materials. Impact-resistant roofing materials can help keep your home safe during hailstorms and high winds.
While some insurance agencies offer a discount for impact-resistant roofing, others do not. Always consult with your insurance agent before getting a new roof, and be sure to save the roofing contractor’s invoice and any certification documents the roofing materials may have.
5. Braided Stainless Steel Washer Hoses & Appliance Hoses
A ruptured washing machine hose can put nearly 20 gallons of water on your floor every minute! Replacing old, cracked rubber washer hoses with reinforced braided stainless steel washer hoses is a quick and cheap way to prevent water damage from ruptured hoses. In most cases, this type of home repair won’t get you a discount from your insurer, so be sure to ask them if they offer a discount on washer or dishwasher hose rupture damages before replacing your hoses. Even if you don’t get a discount, replacing old and damaged hoses is a safe and quick home repair that helps prevent water damage.
6. Smart Gas Leak & Smoke Detectors
Modern smart smoke and gas detectors can alert you if there’s a fire or gas leak in your home, even when you’re away. Some smart detectors even send out push notifications to your phone letting you know when there’s a fire or gas leak. Smart gas leak and smoke detectors can also be used to keep an eye out for dangerous gases, and may help you get a lower homeowner’s insurance premium if they meet your insurance agency’s safety requirements.
Note that smoke detectors and gas detectors aren’t the same, so be sure to get the home safety devices that protect against the threats in your home.
7. Install High-Security Deadbolts & Smart Entry Systems
Deadbolts, reinforced doors, and other security systems could make a break-in harder. Your insurance company might give you a discount if you have the right equipment.
Smart locks can give you added flexibility and control, like temporary access, remote opening, and instant alerts. However, make sure to know if they will give you a discount. Ask your insurance company if the security system you are buying or upgrading to will give you a discount.
How to Provide Proof & Get Your Insurance Discount
Upgrading your home’s safety is not over yet. You might need to provide evidence to your insurance company that the upgrades have been done.
Here is how to do it:
- Ask first: Make sure that the improvement you are planning will actually give you a discount.
- Keep the receipt: Save the invoice or receipt of the equipment and installation cost.
- Keep the certificate: Store the certificate of your home’s electrical inspection and professional installation.
- Take pictures: Take photos of the completed upgrade and the equipment you purchased.
- Keep the details: Save the product details and model of the equipment you have bought.
- Notify your insurer: Send a notification to your insurance company that you have completed the upgrade.
- Check your policy: Make sure that the equipment discount is reflected in your policy.
My Practical Tip: Don’t spend hundreds or thousands of dollars on a home safety upgrade because you think you will get an insurance discount. Always ask your insurance company and confirm that you will receive a discount before buying.
Final Thoughts
You don’t need to wait for a claim to be settled before you can get an insurance benefit. Making your house safer by upgrading electrical safety, avoiding water damage, improving security, and protecting your property against wildfires and extreme weather can benefit you.
However, know that there isn’t a definitive guide to the upgrades you can complete with a lower insurance cost because every insurance company has its own requirements. Always contact your insurance company to know if the improvement will affect your premium.
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