Skip to main content

Those 2020 Home Renovations could Mean Big Insurance Savings in 2021

By February 10, 2021Personal Insurance

Lately we’ve been all about silver linings, one such being that time at home has increased home improvement projects by 3.4 compared to 2019. With all this time working, learning, and hanging out at home, it only makes sense that we would want to refresh our space, which comes with the additional benefit of increasing the value to your home, but did you know that it also may decrease the cost of your homeowner’s insurance?

Whether you’ve been busy creating an outdoor entertaining space, renovating your dated kitchen, or turning your basement into a conference room, there are savings opportunities around each corner of your home.Here’s a roll up of some hidden insurance savings you may not know you qualify for (but should absolutely celebrate):

  • New Roof
    Although a new roof is not quite as exciting as a brand new kitchen, it is a big ticket item that can save you money on your homeowners policy. In fact, a roof that is 10 years old or more is considered a significant risk and could be the reason behind a high insurance premium. Updating your roof makes your home more resistant to damage which could reward you with big policy savings.
  • New Windows
    You should also expect insurance savings if you have recently replaced your windows with high-impact windows. These windows are shatter resistant, reducing damage during heavy wind, and also feature a specialized coating which is energy efficient. Added bonus—  they may even save you money on your energy bill.
  • Plumbing & Electrical Updates
    The inner workings of your home are probably the least glamorous update but often the most crucial to update. Leaky pipes and faulty wiring can make for an insurance nightmare so it makes perfect sense that any updates you make to outdated plumbing or electrical wiring in your home translate into insurance savings.
  • New Appliances
    Energy efficiency is often rewarded in the insurance world so updated appliances to Energy-Star certified appliances like refrigerators, washers, driers, dishwashers, water heaters, and more could come with increased insurance savings.
  • Amped Up Security Systems
    We’ve written about it before, but in case you missed it adding any security features to your home such as a fire or burglar alarms come with the extra benefit of savings potential. So, if you got a Ring or Simplisafe system for Christmas, call your agent to update your policy.

When it comes to home renovations and insurance savings, if you have any doubt, ask YUR agent. We’re always ready to help you find savings opportunities when possible. Call 610-770-6600 to update your policy today!