Making Your Home Safer Can Lower Your Insurance Costs

Are you paying too much for your home insurance? Whether you recently purchased a home or you’re evaluating your existing coverage, there are some little-known ways to save money on your insurance premiums. In fact, you can keep your home and family safer while lowering the cost of your insurance for a win-win situation.

Home insurance is meant to cover damages to your property, and your premium is partly based on your risk of damages. By making your home safer, you can decrease your risk of damages and lower your insurance premium. Keep reading for the top ways to improve your home and reduce the cost of home insurance.


Install a Security System

Your home is always at risk for burglary, even if you live in a relatively safe area. A burglary is not only a violation of privacy, but also a massive expense. Your home insurance can help cover your missing or damaged items, but your insurance premiums could also go up. As the chance of burglary across the country increases, it is wise to install a home security system.

A security system can deter burglars, making your home safer when you are present or away. You can also save up to 20% on your home insurance premiums, depending on your insurer and security system. A comprehensive security system for your home decreases the risk of burglaries, which can reduce the cost of your home insurance.

Check with your insurer for discounts on security systems. You may be able to purchase a security system at a reduced price and enjoy insurance savings at the same time. Be sure to verify which home security systems or features are required to qualify for insurance savings before installing your system.


Get a New Roof

Upgrading your roof may be an expensive project, but it could be worth it in the long run. If your roof is bad, it could end up costing you a lot more money down the line. Leaking roofs cause water damage and weak roofs are at greater risk during storms. You can help take the sting out of buying a new roof by saving money on your home insurance.

Many insurers provide discounts for homes with new roofs. In fact, you can save up to 35% on your home insurance if you have a new roof in great condition. Upgrading your roof lowers the cost of your home insurance and decreases your overall risk, which can help you avoid filing claims and raising your rates in the future.


Setup Smart Home Devices

Smart home devices and central management systems can also lower your home insurance costs. Many homeowners already utilize these devices, so it is important to check whether you qualify for an insurance discount. Smart home devices can help keep your home safer, resulting in risk reduction and lower insurance premiums.

Some insurers have partnered with smart home device companies or offer incentives. You may be able to receive free or discounted smart home devices through your insurance company, including water sensors, interior and exterior cameras, electricity monitoring, and more. Other systems like drainage and pump system monitoring can also contribute to insurance savings over time.