Whether it’s ongoing maintenance, lawn care, utilities, and/or taxes, owning a home comes with a lot of expenses. If you’re looking for a place to cut some costs, your homeowner’s insurance policy could be a good place to start.
The average homeowner’s insurance premium in the U.S. is $1,272 a year, according to the most recent National Association of Insurance Commissioners Homeowners Insurance Report. Ultimately, insurance companies want customers to file as few claims as possible, so there may be discounts available for making small improvements to your home.
Six Ways to Potentially Lower Insurance Premiums
- Add a water-leak detector: Frozen pipes and basement floods can wreak havoc on a home. Water-leak detectors work with your smartphone to notify you if pipes freeze or a water heater is leaking, which can prevent costly water damage.
- Shore up safety and security systems: Claims for damages caused by fire, or property loss because of break-ins, can easily be reduced by installing smoke detectors, fire extinguishers, sprinklers, deadbolts, and/or security cameras.
- Install a generator: An automatic generator ensures appliances, water heaters, and HVAC systems keep running.
- Benefit from a new or renovated home: Upgraded wiring and plumbing in new or renovated homes potentially mean fewer damages caused by fire and flooding.
- Prepare for disasters: If you live in an area with regular hurricanes or other natural disasters, taking extra steps to protect your home goes a long way. Whether it’s adding storm shutters, reinforcing doors, or installing shatterproof glass, insurers usually offer discounts for these kinds of updates.
- Replace the roof: If your home needs a new roof and you plan to replace it, check with your insurance carrier first. Insurers may offer discounts if certain roofing materials are used—everything from asphalt composite shingles to roof clips can shave dollars off of insurance premiums.
Reach out to a Wyndham Capital loan officer today to learn more about homeowner’s insurance and we’ll get you started on your homebuying journey!
