7 Ways To Save On Your Home Insurance Premium
2. New Wiring
Credit: 10 Percent
It has been found that faulty wiring may lead to twice as many fires as electrical appliances. So if you decide to renew wiring at home, then based on the condition of your home you might be eligible for new wiring credit.
"New wiring, if it's installed right, is much safer and less likely to cause any type of outages, shortages or fires," says Meehan. "It can be an insurance eligibility issue, too, because a lot of companies are not as keen to write old knob-and-tube wiring because of the fire risk. It could limit your options.”
3. Impact Resistant Roof
Credit: 5-10 Percent
A strong and sturdy roof can win you some credit from your home insurance company; since the damage caused due to a broken roof can dramatically increase the home insurance claim.
"Insurers definitely are giving discounts for Class 4 standard of impact-resistant roofing material because, if your roof blows off in a rainstorm or nor'easter, the water damage is going to be substantial, resulting in a much larger claim," said Madelyn Flannagan, vice president of agent development, education and research for the Independent Insurance Agents & Brokers of America. "They definitely want you to protect yourself against that."
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