Are you daydreaming about your next home renovation? Did you know that upgrading your home can reduce your insurance? Here are five types of home upgrades that will increase you peace of mind and also save you money on your insurance costs. Keep in mind that everyone’s circumstances and needs are unique, so it is best to connect with a broker to find the right insurance fit for your situation.
1) Install a backwater valve and/or a sump pump
Backwater valves and sump pumps are your last line of defense against flooding. The backwater valve guards against flooding caused by sewer backups and sump pumps against flooding caused by overland floods. Homeowners who take measures to protect their house against such events can speak to an insurance broker in Edmonton and get coverage rates that reward their prudence.
2) Upgrade your home security system
Installing a security system, or upgrading the one you have, is a good way to reduce your insurance bill. However, it makes a difference which type of security system you have. Typically, only the security systems of certain approved companies entitle you to a discount. Consult with your insurance company or your insurance broker to get more information about which companies or systems will reduce your monthly costs.
3) Renovate your major home systems
Making improvements to your home’s plumbing, electrical or heating system to make it less vulnerable to fires or flooding often qualifies homeowners for an insurance discount. Here are a few specific suggestions:
- Upgrade your plumbing system by replacing galvanized or lead pipes with copper or plastic ones.
- Improve your electrical system by switching out a knob-and-tube, aluminum or 60-amp electrical system for a minimum 100-amp electrical system that uses modern wiring materials like copper.
- Modernize your heating system by replacing an oil furnace, or a wood or pellet stove, with an electric or gas furnace, which present less risk of fire.
4) Replace your roof
In areas where hail damage is a risk, replacing your roof can qualify you for an insurance discount, provided certain materials are used. Check with your insurance provider or with a broker to get the proper information.
5) Preventative upgrades
Depending on your insurance provider, the following could also make you eligible for an insurance discount:
- Adding sensor systems that detect gas leaks or extreme temperature changes
- Fencing a pool to decrease liability.
Consult with your insurance provider or insurance broker to see what specific insurance discounts you might be eligible for in Alberta.
Enjoy the Benefits of Having an Insurance Broker in Edmonton
Since there are over 200 insurance companies in Canada–with each offering unique coverage–homeowners can greatly benefit from working with an experienced broker, who can help them find the coverage that’s most affordable and best suited to them. If you’re looking for a knowledgeable insurance broker in the Edmonton area, contact MBS Insurance Brokers Ltd. We’ve been helping the people of Edmonton get the best insurance for over 45 years.
Make an appointment with one of our brokers today!