The best way to reduce your Home Insurance policy is to prepare your home to avoid claims. Many insurance companies offer discounts for home protection devices ranging from 5% to 25% on your home Insurance policy. Following a house claim, your Insurance rate may increase as high as 75% on your first claim and as high as 150% on your second claim.
Wireless Water Detector Alarms
Although these small devices may not offer a discount on your Home Insurance, they can certainly save you from a lot of water damage by alerting you to the presence of a water leak.
Upgrading to a fully automatic water shut-off valve is the best way to avoid major damage in your home. This will automatically shut off the water in your home if a leak is detected. Most Insurance companies do offer a discount for this type of system
A check valve or backflow valve can prevent thousands of dollars in damages by preventing sewage from backing up in your home. Most city building codes require these in new homes however homes built before mid-90s may not have one. Having a check valve or backflow valve installed could save you up to 5% on your home Insurance policy.
Having the proper and accessible fire extinguishers in the home could prevent a small fire from becoming a disaster. Although discounts may only apply to commercial buildings, extinguishing a small fire will save you from a traumatizing fire.
Switching up your old smoke alarms for combination Smoke and carbon dioxide alarms may save your life. Many households do not have a working smoke alarm in their home, let alone a carbon dioxide alarm. There are no insurance discounts for having smoke alarms in your home as it is mandatory to have a working smoke alarm on each floor.
Many small fires can not be extinguished using water or salt and may require a suppression blanket. Suppression blankets, when thrown over a grease fire or LNG fire, cuts off the oxygen supply to the fire ultimately extinguishing it.
Most insurance companies only offer discounts on security systems that are monitored by a security company, however, there are some companies that do have discounts for local alarms or cameras. Simply installing the cameras in a visible place is a big deterrent to burglars.
Unless you have a separate Insurance policy (Personal article floater) for your jewelry, camera, and other collections, your homeowner's policy will have limitations on the amount of coverage you have for these types of items. You will want to check with your Insurance Broker for more information.
Having a security safe bolted to your floor will safeguard your most valuable possession.
Although owning a Fire escape ladder won't save you money on your insurance bill, owning one could definitely save your life in the event of a fire. Be sure to purchase one that will be long enough to reach the main floor.