Thursday
Can Home Improvement Save You Money?
Yes, home improvement and home remodeling projects can save you money.No Excuses
Want more of an excuse to remodel your kitchen? Install an air conditioner? Need to replace your rotten, old wood shake roof?
Okay, we all know that renovating your home can improve home values. A brand new kitchen and master bath can return as much as 95% of your investment when you go to sell your house. But there are other ways to make sure you get some of your money back after you upgrade your house.
After you have any home repair or home improvements done to your home, contact your insurance company. Let them know the kind of work you've had done. Depending on your policy and company, you will be eligible for discounts.
Home Repairs: if you need a new roof, new plumbing, electrical rewiring, or a new heating & air conditioning system, you should contact your insurance agent. Your home owner rates could drop by 5, 10, or even 15% for installing newer, safer, and more efficient equipment in your house.With newer electrical systems and new wiring, your home will have much less chance of burning down. A new roof will protect the home for serious water and storm damage. Upgrades in HVAC means your new, efficient system won't have to work as hard which can lead to overheating and fire danger.
- Home Improvements: improvements or renovations that add safety and security products to your home can save you money.
- Fencing: check with your insurer about any discounts associated with new fencing. It's possible that the security of fencing around your home, pool, spa, or children play areas could be eligible for savings.
- Fire Sprinklers: retrofitted homes with fire sprinklers mean your home can't burn down. Insurance companies love that. Discounts abound when sprinklers are installed in a home. And you can usually have the installed in an existing house for about what new carpeting would cost (maybe more - depending on the layout of your house.) And you'll have the peace of mind of know that your family will be much safer than just having fire alarms in the house.
- Security Systems/Cameras: installing a home security system that includes sensor lights or cameras or alarms could allow insurance savings of 10 to 20%! Knowing your home and the contents and people are being monitored means fewer expenditures from insurance providers. And sometimes they pass the savings on to you. A burglar alarm, a computer home security system with CCTV cameras, or a home monitoring service like ADT can all cost you a pretty penny, but if you can get some money back, it's worth it because of the added protection.
Also, if you do remodel your kitchen, bath, or add real value to your home - - you could be eligible for a higher payout in the event of a tragedy. In other words, you have sunk a considerable sum into a new kitchen - granite countertops, stainless steel appliances, and a travertine floor.
Should an accident occur, you'll want to make sure your insurance company knows about the new improved value so that you can be compensated when it comes time to settle the claim.
RELATED POSTS:
The Importance of Fire Sprinkler Systems
Remodel Your Homeowners Insurance
The Home Improvement Penalty
If you're looking to find any qualified home repair or home improvement company, post your request on ConstructionDeal.com!
It's a fast, free way to find a local service professional or contractor for all your home remodeling and home repair needs. Simply tell us about your project, sit back and wait for our network of companies to review your project, and receive as many phone calls from as many companies as you would like.
The more contractor bids you receive the more likely it is that you'll save money!
Labels: Home Improvement, Homeowner Insurance, Improving Home Value
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