How Home Maintenance Affects Home Insurance

Home maintenance proves a crucial but overlooked aspect of homeownership. However, keeping up with routine home maintenance can bring about many advantages that can save you time, money, and stress in the long run.

From increasing the value of your property to preventing costly repairs, regular home maintenance plays a key role in ensuring that your home remains in top condition.

Let’s explore the many benefits of staying on top of home maintenance and how it can ultimately contribute to the overall cost of homeowners insurance policies.

Lower Insurance Premiums

Renovations and safety features that can lower home insurance rates include installing a home security system, adding fire sprinklers, upgrading electrical and plumbing systems, and reinforcing the roof. By reducing the risk of burglary, fire, and water damage, these improvements qualify for discounts on home insurance premiums.

Weather-resistant features such as impact-resistant windows, reinforced garage doors, and a strengthened roof can also lower insurance rates by reducing the risk of damage from storms and severe weather events.

By investing in these upgrades, homeowners can not only make their homes safer, but also qualify for discounts on their home insurance premiums, ultimately saving money in the long run.

Fewer Claims and Deductibles

One way to reduce the number of claims and minimize your home insurance deductible is by implementing preventive measures such as installing a security system, smoke alarms, and maintaining your property to prevent potential hazards. This can help reduce the likelihood of filing a claim and can also lead to a lower deductible.

Having fewer claims and a higher deductible can result in lower annual premiums and potential discounts from your insurance company. By taking steps to minimize risks and demonstrating responsible homeownership, you can show insurance companies that you are a low-risk customer, which can lead to cost savings in the long run.

It’s important to carefully consider your options and speak with your insurance agent to determine the best approach for your specific needs. They can provide guidance on how to reduce claims and potentially increase your deductible without putting yourself at unnecessary risk. By working with your agent, you can find a balance that offers both protection and cost savings.

Improved Resale Value

When it comes to home improvement projects that add the most value to a home, exterior renovations should be a top priority. Potential homebuyers gravitate to a home’s curb appeal, so projects like new siding, decking, and windows can have a significant impact on a home’s value. In fact, according to remodeling magazine, exterior renovations consistently have a higher return on investment compared to interior projects.

While indoor projects may reflect the homeowner’s personal taste, they may not always appeal to a wider audience of potential homebuyers. This is where exterior renovations come in. They have a more universal appeal and can make a strong first impression, which is crucial when selling a home.

In addition to the above-mentioned exterior projects, other improvements such as adding a garage door, landscaping, and a fresh coat of paint can also contribute to a higher resale value. Overall, focusing on exterior renovations can ultimately lead to a higher return on investment and make a home more attractive to potential buyers.

Types of Home Maintenance to Consider

When it comes to maintaining a home, there are various types of maintenance to consider in order to keep it in good condition. From routine upkeep to addressing necessary repairs, home maintenance is essential to ensure the longevity and functionality of a property. In this article, we will explore different types of home maintenance to consider, including exterior maintenance, interior maintenance, and seasonal maintenance tasks. By staying on top of these various types of maintenance, homeowners can ensure their property remains safe, comfortable, and well-maintained for years to come.

Electrical Systems & Appliances

The condition of your home’s electrical systems and appliances can impact your insurance premium. Outdated or faulty wiring, as well as old or poorly maintained appliances, can increase the risk of electrical fires, which can lead to higher premiums. It’s important to ensure that your HVAC systems are in good working order, as coverage for normal wear and tear on these systems can vary among insurance policies. Before making major upgrades to your home’s electrical systems, such as installing a new HVAC system or upgrading your wiring, it’s crucial to notify your insurance company. Not doing so could jeopardize your coverage in the event of an electrical-related claim.

The condition of your home's electrical systems and appliances can impact your insurance premium

Plumbing & Water Damage Prevention

Homeowners can take several measures to prevent water damage in their homes. First, upgrading old plumbing systems can greatly reduce the risk of leaks and burst pipes. Regular maintenance and inspections can also help identify potential issues before they turn into costly problems. Installing sump pumps in basements or lower levels can prevent flooding during heavy rains or snowmelts.

Another important step is to install water leak sensors in areas prone to water damage, such as basements, bathrooms, and kitchens. These sensors can detect leaks early on and alert homeowners to take action before significant damage occurs. Additionally, purchasing additional coverage for specific perils, such as flooding or sewer backup, can provide financial protection in case of water-related incidents.

Fire Safety Equipment & Features

Fire safety equipment for the home includes smoke detectors, carbon monoxide (CO2) detectors, sprinkler systems, and centrally monitored fire alarm systems. Smoke detectors are essential for detecting smoke caused by fire, while CO2 detectors alert occupants to dangerous levels of carbon monoxide. Sprinkler systems are a more advanced fire safety feature that helps suppress fires and reduce property damage. Centrally monitored fire alarm systems not only alert the occupants but also notify emergency services to a detected fire.

Heating, Ventilation, & Air Conditioning (HVAC) Systems

There are several different heating sources commonly found in homes, including oil, gas, electric, and wood-burning stoves. Each of these sources can have an impact on home insurance premiums based on their associated risks. Oil and wood-burning stoves may increase premiums due to their higher risk of fire, while gas and electric heating sources are generally considered lower risk.

When considering an upgrade to your HVAC system, it’s important to notify your insurance company. Notifying them about an upgrade may qualify you for a home update discount, as an updated system can mitigate potential risks and improve the overall safety of your home.

Swimming Pools & Attractive Nuisances

Owning a swimming pool or hot tub can pose significant liability risks for homeowners. These water features are considered attractive nuisances, meaning they attract children who may not understand the dangers associated with them. As a result, homeowners can be held liable for any injuries or accidents that occur on their property.

To mitigate these risks, it is crucial to have adequate liability coverage. This includes raising home insurance liability limits when installing a new swimming pool, and considering adding a separate umbrella policy for additional protection.

Ensuring the safety and security of your pool or hot tub is also essential in minimizing the risk of accidents and potential liability claims. This involves installing proper fencing and locks, having safety equipment such as life rings and flotation devices readily available, and implementing strict rules for pool use.

Security Systems & Video Surveillance

There are several types of security systems and video surveillance options available to homeowners, including door sensors, centrally monitored systems, and cameras. Door sensors can detect when a door is opened and send an alert to the homeowner or monitoring service. Centrally monitored systems are connected to a professional monitoring service that can alert authorities in case of a break-in. Cameras can be installed to record video footage of the property, providing additional security and evidence in case of a theft or break-in.

Installing these security systems and video surveillance options can help secure a discount on homeowners insurance. Many insurance companies offer discounts of up to 15 percent for homes that have these security measures in place. This is because these systems can help deter theft and vandalism, as well as provide evidence in case of a claim. By investing in security systems and video surveillance, homeowners can not only enhance the safety of their property and family but also save money on their insurance premiums.

Watley Insurance Group Serves the Ark-La-Tex

At Watley Insurance Group, we are dedicated to providing the Ark-La-Tex community with the best home insurance solutions at the best possible prices. We understand that protecting your home and belongings is of the utmost importance, and we are here to help make sure you have the coverage you need. As an independent insurance agency, we have access to a variety of great options for home insurance policies from multiple insurance providers, allowing us to find the perfect fit for your specific needs.

Whether you are looking to insure a new home or want to review your current policy, we are here to help. Our team is glad to answer any questions you may have and provide quotes to ensure you have a homeowners policy with the coverage you need at a price that works for you. We take the time to understand your unique situation and work with top insurance carriers to find the best coverage options available.

With Watley Insurance Group, you can have confidence in knowing that your home insurance needs are in good hands. We are committed to serving the Ark-La-Tex community with excellent customer service and reliable insurance solutions for all types of coverage.

Based right here in the Shreveport/Bossier area, we love to help our regional and local neighbors with insurance coverage, insurance claims, and making sure you feel safe and secure protecting your biggest investment.

Get in touch with one of our experienced and friendly independent insurance agents today.

Wayne F. Watley, Jr.

Agency Principal, proud husband & father, and jazz enthusiast.