Many home improvements can increase your home insurance rates, but did you know that specific types can actually lower them? We break down some of the projects you can tackle that will both improve your space and help you lower your home insurance rates.
1. Install an electric or gas furnace
Electric or gas furnaces provide the same warmth as an oil furnace or wood stove with lower risk of fires. This home improvement is also much better for the environment, helping make your home more green in the process. Overall, this contributes to a lower home insurance rate.
2. Replace your electrical system
Another home improvement you can implement is replacing your electrical system. In older homes, the three most common electrical systems are knob-and-tube systems, aluminum systems and 60-amp systems. All three electrical systems are outdated and are at a much higher risk of overheating which, in turn, may result in a fire. Modern electrical systems utilizing wires, such as copper, are much safer, which will help lower your home insurance rates.
3. Upgrade plumbing
Instead of continuing to use old plumbing, some more home improvements you can implement are updated pipes. Copper or plastic pipes are the most effective and can save you money on your home insurance, due to their material. Older pipes made of lead, for example, can rust over time, making the chance of clogged pipes or water damage much higher i.e. a higher risk of a claim being made.
4. Replace the roof
Although this type of home improvement is quite a big task, it will definitely help lower your home insurance rates. Although older roofs are very durable, over time they will degrade, making liabilities (such as water damage) a much bigger issue. It is important to inspect your roof once a year for any damage, especially after the harsh, Canadian winter. If you find any damage, replacing the roof can both protect your home and lower insurance rates.
5. Use a security system
Installing a home security system is one of the best home improvements out there. Not only are they helpful in keeping your home safe, but you can also drastically lower your home insurance rates with this added level of protection.
6. Install smart home technology
And finally, installing smart home technology is a great way to modernize your home and lower your home insurance rates. Technology, such as carbon monoxide detectors and smoke alarms, will alert you if any issues in your home arise, minimizing the possibility of damage or injury. Some of the more modern smart home technology will notify your devices of any issues, so you can stay informed in real-time, even when away from home.
We hope this article gave you some ideas on home improvements that you can install that will not only update your space, but also help lower your home insurance rates. If you have any questions about your existing home insurance policy or wish to set one up, speak with a member of our isure team today!