16 Apr 5 Tips to Reduce Insurance Costs
If you’re a homeowner or a landlord, chances are you have a homeowners insurance policy. Ensuring that you get the most coverage for the lowest cost is of utmost importance, especially if you’re a landlord as a reduction to your insurance costs increases your return on investment. Here are 5 possible areas where you may be able to recover some savings on your homeowners insurance premiums.
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Burst-Free Hoses
Install burst-free hoses on all water supply lines. These are found under sinks, on toilets, dishwashers, and your washing machine. They costs twice as much as the standard supply lines, but can result in reduced insurance costs not to mention the savings from water damage that is less likely to occur. Imagine the supply line busting on a toilet in an upstairs bathroom. Now to make it the scenario worse, imagine that you or the tenant is not home when it happens and the result is a flooded upstairs that leaks through the ceiling downstairs. When you find out how much the damage will cost to fix, you’ll be wishing you had invested in the more expensive burst-free hoses. If you install these, take photos to provide your insurance carrier as proof of installation.
Leak Detectors
You may be able to get a 2 to 5 percent reduction by installing leak detectors to alarm you of plumbing failures. They can be purchased at most home centers such as Home Depot. These detectors sound an alarm when water touches them and can help you to detect a leak early. Higher end models can be connected into your plumbing system to shut off the water automatically when a lead is detected.
Smoke Detectors
Install smoke detectors on every floor of the home. This may result in a 5 percent reduction of your premium. If you have a gas fueled appliance or fireplace, you mush have carbon monoxide detectors within 15 feet of all sleeping areas as required by Colorado Statute.
Fire Extinguishers
Having a fire extinguisher on every floor of your home may result in up to a 5 percent reduction of your premium. As with other upgrades, take photos to provide to your insurance company as proof.
Deadbolt Locks
Believe it or not, simply having dead bold locks on all exterior doors can reduce your rates. If you already have these locks, make sure you insurance company knows about them.
