Use the advantageous summer weather as an opportunity to do home improvement projects that could lower insurance rates.

Home improvements that can lower your insurance

June 29th, 2016 by

Use the advantageous summer weather as an opportunity to do home improvement projects that could lower insurance rates.

Summer is a wonderful time of year. The weather is nicer and the days are longer. It is an excellent time to start checking thing off your to-do list. If that list includes a number of plans for home improvement projects, then you are in luck. While you are working on your lawn and garden or painting the trim, you should consider doing a few extra renovations. Most homeowners do not know that certain improvement projects can actually lower your home insurance rates. Read on to see which renovations could benefit policy holders:

Upgrading your HVAC and plumbing systems 
Some insurance providers will offer discounts to homeowners who attempt to make their homes more eco-friendly. Installing an energy-efficient HVAC system is an excellent way to accomplish this. Also space heaters are considered dangerous by many insurance providers, so an improved heating system can lower rates in the winter. Leaky pipes are also considered potential hazards to homes as they can burst and cause major water damage. New plumbing is an incentive for insurance companies to provide more affordable rates. 

Redo your roof 
Not only does a new roof keep your home better insulated and protected from the elements, it can actually lower insurance rates as well. A newer roof is more likely to withstand damage from storms and other natural disasters. As a result, insurance companies will have fewer repairs to cover after the storm. Therefore, insurance companies may offer lower rates to homeowners who invest in a new roof. Additionally, improving your gutter system can also reduce insurance costs for the same reasons. 

Boost the safety features 
Unsafe properties have a greater risk of accidents, and accidents can raise insurance rates. Inspect your home for any hazards that you can improve. For example, if you have a pool, putting a fence or a gate around your property can lower your liability. If you install a security system in your home, you may see insurance savings of as much as 15 percent, according to Bankrate. Households with elderly residents might benefit from the installation of handrails in the bathroom area or an electric lift on the stairs, as well. 

Add a garage 
Home insurance is not the only thing you can save on by making renovations. Property owners could see lower auto insurance rates if they install a garage. However, they must inform their providers that the vehicles are kept in a covered area before these changes can take effect. An added benefit is that homes with covered garage space often sell better. 

Bundle your policies 
Bundling seems to be all the rage these days, but it really can save you money. Many insurance providers will offer discounted rates to individuals who combine their home and car policies. The Insurance Information Institute reported that bundling your home and auto insurance can provide savings of between 5 and 15 percent. Homeowners who elect to follow this step will also reap the benefits of more convenient payments. 

Home and car insurance are both necessary, but that does not mean policy holders will have to pay high rates. By making a few adjustments around your home and property, you have the potential to save a significant amount of money. So, while the weather is nice and remodeling season is in full swing, take advantage of the opportunity to lower your insurance payments by making smart renovations. You can always talk with your provider to discover even more ways to save.

For the best rates on both insurance types or to learn more about policies, contact Fundy Mutual Insurance today. 

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