The cost of your homeowners insurance is based on many factors, from location to the size of your house. Your insurer will also consider any features that qualify you for discounts or credits. Certain products can help increase the security of your home and protect it against damage. Making these upgrades to your home can help lower the cost of your homeowners insurance. Insurance companies offer credits or reduced premiums for home upgrades that may reduce the number of claims that must be filed and the amount of money paid out for those claims. In this article, we’ll review seven products that can help reduce the cost of your insurance over time.
1. Smoke Detector
The right smoke detector or fire alarm setup can give you plenty of warning if a fire breaks out in your home. Smoke detectors are generally affordable and should be placed in every major part of the home. Certain smart home fire alarms can dispatch the fire department to your door. Having a sufficient alarm system lowers the risk that an out-of-control fire will develop in your home, allowing your insurer to offer you a lower price.
2. Sprinkler System
Having home insurance will help you cover the costs of repairs in the event of a fire. A sprinkler system helps to reduce the damage done to a home by efficiently controlling the fire. They also reduce the risk of fire-related deaths. Homeowners can usually expect a generous discount on their insurance if they properly install a fire sprinkler system in their home.
3. Home Security System
A home security system generally includes everything from door sensors to centrally monitored systems that automatically notify emergency personnel in case of an emergency. Home security systems can cost anywhere from $280 to $1,109 to install, and monitoring services range from $20 to $70 per month. There are many self-installation systems that cost less to install. According to insurers, installing home security can save homeowners around 10% on their policies.
4. Deadbolt Locks
Deadbolt locks make it more difficult to break into a home than regular locks. There may be certain specifications for the type of lock and screws you use for optimal security. Having a deadbolt installed properly can make it more difficult for thieves to break into your house, which minimizes the chances of you having to file an insurance claim, lowering the cost of your insurance policy.
5. Water Shutoff Devices
Water damage caused by flooding or leaks can cost thousands of dollars to repair or replace. When pipes, water lines, and plumbing are compromised, water shutoff devices can prevent significant damage. These devices automatically cut off the home’s water supply when damage to these systems is detected. These devices can save homeowners an average of 3% on their premiums.
6. Storm-Safe Windows
Wind and hail is one of the main cause of losses each year. Storm-safe windows help to prevent wind damage, especially in hurricane-prone areas. Storm windows typically have roll-down shutters and impact-resistant glass. These windows provide resistance during high winds, improve energy efficiency, and reduce the risk of damage.
7. Impact-Resistant Shingles
Like storm windows, impact-resistant shingles help prevent damage against wind and hail. They are designed to minimize roof damage during a severe weather event. Several insurance companies offer discounts for homeowners who install impact-resistant roofing. While it can be an expensive investment, upgrading your roofing can provide a big discount on your homeowners insurance.