No matter how much you love your home, you can’t deny that at some point, it can feel less like one. As a homeowner, you’re no stranger to wear-and-tear—these damages simply come with the territory, especially after years of living in your house. And while you may have booked repairs here and there, you may also feel increasingly inclined to the idea of bigger home improvements. For many homeowners in Gravenhurst, this is exactly what’s in order, right in time to welcome cottage season.
But did you know that home renovations do more than improve your comfort and restore the unique ‘home, sweet home’ feeling? Home improvements can greatly increase curb appeal and property value, which is good news especially for those looking to enter Gravenhurst’s prime real estate market.
Unfortunately, not everyone is a fan of home improvements, not simply due to the cost of renovation. A lot of homeowners also fear that increased property values will result in higher insurance premiums, especially with additions or major construction and appliance upgrades. The downside, of course, is potentially not having comprehensive coverage for the improved structure and amenities should you choose not to increase your coverage.
But do home improvements really increase home insurance costs? Not quite. In fact, did you know that depending on the type of improvement you make, you can actually lower your home insurance rate?
Find out more about what these home improvements are, and see how they help you save on home insurance in Gravenhurst:
Have you been waiting for years to renovate your home? Home improvements not only make your home more comfortable, but also safer. Learn how these can help you save on home insurance in Gravenhurst:
1. Roof repair or replacement
There’s a reason why roofs are a vital structure that we keep over our heads. However, their ability to weather damage and shelter you against storms and disasters in Gravenhurst can result in a lot of wear-and-tear over the years. The good news is, roofs can be repaired, or you can have a new one installed.
Similar to upgrading old appliances, installing a new roof can greatly reduce your home insurance rate. A new roof constructed with better materials means increased protection and lower risk of damage. Plus, your insurance provider can even give discounts for additional safety measures, such as hurricane straps, waterproofing, and impact-resistant shingles.
2. Upgrading your home’s wiring
Wiring becomes outdated over time, especially as building codes are continuously upgraded to prevent fires and other damage. Older wiring is one of the biggest fire hazards and is the leading cause of electrical damage. Knob and tube wiring, for instance, were the standard in homes before built in 1950, and surprisingly, is still found in some Granvehurst homes. Other older, no longer up-to-code wiring materials include aluminum and 60-amp electrical systems.
While rewiring your entire home can be expensive, the cost is absolutely worth it. Not only are you able to lower the risk of electrical fires, but you can also reduce your home insurance premium and earn discounts for removing fire hazards.
3. Upgrade your furnace
Do you currently have an oil furnace and a wood or pellet stone? These are very high-risk and unsafe heat sources, which are major fire hazards. Switching to an electric or gas furnace makes your home safer and lowers the risk of fire, ultimately lowering your home insurance premiums.
4. Install a security system and sprinkler
Perhaps the quickest home improvement you can make, installing a home security system is one of the best ways to secure your home. Alarms, cameras, and even sprinklers do a lot to mitigate risks like break-ins and fires, preventing massive damage and losses. With automatic alerts sent to police and emergency services, it’s no wonder that home insurance providers are happy to reward homeowners who take safety seriously with lower premiums and discounts.
5. Upgrade your plumbing system
Decades ago, the standards for home plumbing were lead, copper, polybutylene, and plastic pipes. Since then, these have been found to increase the risk of clogged water lines and water damage, along with corrosion and rusting. Keeping up with plumbing standards can prevent these risks and ensure water safety, with the added bonus of saving on home insurance costs.
6. Install a sump pump and backwater valve
Does your home have a basement? You might have heard about basement flooding, a common fear among homeowners—and rightly so because it can be quite expensive.
To prevent basement flooding, it’s recommended that you install a sump pump, designed to pump water away from the structural foundation of your home. Similarly, you can also install a backwater valve to keep sewage from seeping into your home in case of a sewer backup.
Both of these home improvements are a great help in preventing water damage. Without either, you risk massive flooding, which results in a sizable home insurance claim and can greatly increase your premiums. Installing one or both can even earn you discounts, so do it soon and let your insurance provider know.
7. Make your home smart
And finally, the benefits of smart homes are widely known. From lighting and thermostat control and energy efficiency, to instant alert smart security systems and increased safety, smart homes are comfortable, convenient, and cost-effective. So when you install these upgrades, your home insurance provider will be more than happy to reward you with lower premiums and discounts.
For when a home improvement is just what you need to restore your home’s unique charm and comfort, don’t pick up the tools and install anything new just yet without talking to your home insurance provider in Gravenhurst.
At PAIB Insurance, we’re happy to help you to make your home smarter and safer—and provide discounts and even more affordable home insurance premiums. Our insurance brokers are just a call away, so you can find out how a home improvement will affect your home insurance. We’ll provide the information you need about increasing your coverage or how security additions can lower your premiums. However your home changes, you can count on us to help you ensure that it’s properly insured.
Thinking of making a home improvement? Talk to your PAIB Insurance broker in Gravenhurst today to learn about updating your coverage and earning discounts for making your home safer and smarter.
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