As the new year begins, you may be evaluating different home improvement opportunities around your home. When reviewing your home for needed repairs, upgrades, and yearly maintenance; also take some time to speak to your agent about your current homeowners policy, the carriers underwriting guidelines, and how you can increase your peace of mind while, possibly, lowering your premium. Sometimes things which seem fine to the homeowner may be considered potential hazards to insurance companies. Here are some items to consider:
Roof: If your roof is older it has experienced more wear and tear than newer roofs. Thus, older roofs are more likely to have leaks during a rainstorm. They might even blow off during powerful tornados or hurricanes. Consider replacing your roof after approximately 15 years if a shingle roof or 25 years if a tile roof, the general lifespan of roofs. Maintaining your roof in good condition may help avoid severe damage to your home should a covered loss occur. Remember, suffering water damage from a roof leak due to lack of maintenance is not a covered loss. Homeowners, need to maintain their property in good condition.
Plumbing: Older, faulty plumbing can spell disaster for homeowners. It is better to be safe than sorry and replace or repair your plumbing, so pipes do not burst. Older plumbing materials, such as galvanized pipes have shown to wear over time and break from the inside out; which may go unnoticed over time yet, causes large amounts of damage. Insurance companies prefer to see new plumbing systems as it may reduce the risk of damage to your home due to a broken pipe.
Electrical Wiring: Consider updating your electrical wiring which might not only bring insurance rates down but also keep you safe. Overused and damaged wiring has the potential to cause a house fire which could damage your home and possessions and injure your loved ones. Older electrical panels, such as Federal Pacific and Challenger panels, may not meet insurance carrier guidelines due to an increased fire risk. It is important to make sure the wiring in your home is safe for your peace of mind.
Companies like Florida Peninsula, hope you take this advice into consideration not only to help you save on your premium but for your wellbeing. Be sure to contact your agent after your renovation so you can discuss how your new updates may lower your premium.
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