10 Home Renovations That Affect Insurance Rates
Some home improvement projects like a new roof or storm-proof windows will help lower your insurance costs, but others can have the opposite effect.
Installing a Pool
A new pool is a great way to beat the summer heat and have friends and family gather at your home. However, pools come with certain expenses, including your insurance. Homeowners are liable for anyone using their pool, and that means a bump in the cost of your home policy, according to Value Penguin.
Adding a Home Security System
Like a new roof, adding a home security system will help you sleep better at night, knowing you’re protected. You’ll be happier about your insurance costs, too. Policy Genius says installing a burglar alarm or home security system can save you between two to 10 percent on insurance premiums.
Purchasing Smart Devices
Smart devices are great for functioning in your home, and in some cases can even lower your insurance rates. A report by Fox Business says smart devices like thermostats, smoke detectors and more may reduce your premiums, depending on the company.
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Building an Extension
A home extension means more square footage to your property, and almost certainly more value to your home. With more value, however, comes a need for more insurance coverage.
Updating Electrical Wiring
Installing Storm-Proof Windows
Depending on the region where you live, new storm-proof windows are a great option to lower your utility costs and drive down those insurance premiums.
Purchasing a Backup Generator
A backup generator will keep the lights on and power running during a storm or severe weather. Insurance companies will see an emergency generator as extra protection from burst pipes during a frigid spell, or replacing perishables after a lengthy power outage.
Updating Plumbing and Pipes
Installing a fence around your property can add curb appeal, provide privacy and even lower your insurance premiums by limiting potential liability lawsuits.