Three Home Improvements that Could Lower Your Insurance Premium 

Three Home Improvements that Could Lower Your Insurance Premium

A Florida home can be the most significant purchase you will ever make. The insurance you carry on your home can have a major impact on how you withstand a weather catastrophe or burst pipe. Is your home adequately protected?

For comprehensive homeowners insurance that provides superior coverage for your belongings and your home, premiums can be substantial. This is especially true in the state of Florida, where insurance fraud contributes heavily to rising homeowners insurance rates. However, there are ways you can lower your premiums without sacrificing quality coverage.

These three home improvement ideas can help you qualify for homeowners insurance discounts:

Fencing

A high-quality fence can help protect your home against burglary or vandalism. If you have a pool, a fence or pool enclosure can also provide added security against unwanted access. In many cases, fencing and/or a pool enclosure can help reduce your insurance rates. Olympus Insurance covers pool screens as part of a standard homeowners insurance policy.

• Tip: Contact your local city office to find out what regulations and ordinances may affect the building of a fence and to verify property lines and utility line placement before hiring a contractor. You may also need to check with your HOA if your community has one.

Home Security

Home security systems are frequently factored in when writing homeowners insurance policies. Monitored home security systems significantly reduce the chances of a successful burglary, and can provide for rapid police or fire response in an emergency. Proof that a contract with a response company has been signed can provide a good reason for your carrier to lower your premium.

• Tip: Consider a home monitoring system that is compatible with both a local security provider and a smart home hub. This can provide you with additional protection against carbon monoxide leaks, water leaks, and more. 

Structural Upgrades

If your home is older, premiums at first glance may not be as competitive (although, with Olympus, you will often find that a higher premium includes many things other policies do not.) However, upgrading certain components of your aging home can help bring your premiums back down. Focus on your roof, old pipes, and old electrical wiring, and seek out reputable, licensed and bonded contractors to complete the renovation.

• Tip: Hip roofs can provide a significant insurance discount in Florida, where high winds can cause damage to less sturdy roof types. If your roof is Hip or partial Hip, ask your agent about a potential discount. 

Whether you are a first-time homeowner seeking insurance cost savings, or are trying to find ways to lower the cost of home ownership, these tips can provide opportunities for premium discounts when it comes to your homeowners policy.

About Olympus Insurance Company

Headquartered in Palm Beach Gardens, FL and founded in 2007, Olympus Insurance Company specializes in Florida property insurance. Through its independent agency force, Olympus insures $45 billion worth of residential and investment property including homes, condos, rental property, and valuable personal property, with umbrella coverage and Spartan Enhanced Coverage available. Coverage for individual risks up to $5 million in total insured value is provided on one of the most comprehensive coverage forms in the industry.

For more information, visit olympusinsurance.com.

This article is for informational purposes only and does not form a part of, replace, change or amend any terms, conditions, provisions or language within your Olympus Insurance policy. We encourage you to read your entire policy.