home insurance

5 Home Upgrades that Help Reduce Your Home Insurance in Edmonton

Home upgrades such as kitchen renovations or installing a pool help increase your home insurance premiums. Taking steps to safeguard your property will reward you with premium discounts on your home insurance policy. If you’re thinking about home improvements, it’s better to get started with the ones that help you save money. Insurers analyze your house for risks to determine your premiums. Nauroth & Associates Insurance Brokers Ltd. provides expert insurance brokerage in Prince George to cater to all your insurance needs.

 

Insurance companies verify multiple factors before setting your premiums rates. Here are some of the factors that influence your home insurance rates:

 

The size of your property and your valuables affect the insurance cost. Insurers check the replacement cost of all contents in your house before deciding the premium.

  • Your construction quality is also considered while making a decision.
  • Insurers examine the references of your neighbourhood claims. If the claims are unique, it’s mostly likely that you would make a similar claim.
  • Proximity of fire hydrant might influence your home insurance premium costs.
  • Homes that are located near fire departments will have lower insurance costs.
  • Having a fire station nearby ensures your home is safe in case of a fire.
  • Your personal claims history also impacts your rates.
  • The type of wiring and the age of your roof also affect your premiums.
  • Consult an insurer if you use wood stoves or are in the process of installing one.
  • Wood-burning stoves are the most common source of house fires and carbon monoxide poisoning.

There are some home upgrades that can protect your home from accidental injuries, burglaries and natural calamities. Here are five home upgrade ideas to get you started.

 

1. Alarm System

An alarm system comes with its own advantages. For your home insurance policy, installing an alarm system can get you a home renovation discount in your policy. In order to qualify for a discount, make sure the alarm system is centrally monitored.

 

2. Fire Monitoring System

Though no home insurance discounts are associated with fire monitoring systems, there is an insurance reward of few dollars per unit. Fire alarm systems are designed to detect a fire in your premises so you can get everyone to safety.

 

3. Installing Sewer Backup Valve and Sump Pump

If the municipal water storages are full, water may back up in your home. Insurers will likely provide you with a discount if you install a sewer backup valve in your property.  Overland flooding is not covered under standard insurance policies. However, you can add overland water insurance to an existing policy with extra cost. To avoid flooding, you can install a sump pump with backup.

 

4.  Fenced Pool

If you have a pool, make sure it is well fenced to prevent unnecessary accidents. You usually have to pay higher premiums because of the increased risk associated with pools.

 

5. Earthquake-Approved Frame

Having an earthquake-approved frame in seismically unstable geographies is often rewarded with extra discounts by home insurers. If you live in earthquake prone areas, it’s best to add an endorsement to your home insurance policy to protect your valuables.

 

Here are some additional home upgrade tips to make sure you’re getting the best home insurance benefits:

 

· Bundle Auto Insurance

You may be able to save up to 10 per cent on your home insurance premiums if you bundle your home and auto insurance with the same insurer.

 

· Credit Check

Insurers use your credit information and banking history to price the home insurance policies. If you allow you’re insurance company to check your credit rating, you might cut some money off your premiums.

 

· Annual Pay

You might have to pay extra administrative fees, if you pay your premiums monthly. You can start a savings account for paying premiums annually.

 

Nauroth & Associates Insurance Brokers Ltd. can help you with your home insurance needs in Edmonton. Understand your home insurance policy and what exactly is covered under the policy. Contact us today or visit our website for more details.

 

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