Five Things That Could Impact Your Insurance Rate



Sometimes your home insurance rates are reflected by certain things in your home. Understanding what they are can lower your home insurance rate. To prevent rate hikes, you will need to review some key features of your home that may be costing you extra money. Look for these things:

Wiring

Your old wiring can be a big concern for insurance companies. If the wiring system in your home is aluminum wiring, this is considered more susceptible to fire by Insurance Companies.  Insurance companies may require you to upgrade or they may hike your premiums. Also, some homes may have wiring that is no longer up to code; this could also negatively impact your rate. If homeowners update their wiring system with an electrician to decrease the risk of fire damage and up to code, it can have a dramatically reduce your insurance rate.

Plumbing

Another concern for the insurance company is the plumbing system. Damage from water leaks is one of the most common home insurance claims from homeowners. Older properties that were built in the '80s or later are classified as a higher risk and sometimes require you to pay higher premiums. When you update your home’s plumbing system, some insurance companies will reward you for it.

Fire suppression

The most significant home insurance claims are due to fire damage. This may be caused by accidents within the home, natural disasters, or other kinds of incidents. No matter where someone lives, it is always a risk of fire damage. A good idea is to  install some fire-suppression features like sprinkler systems

Roof

Homeowners that have weathered and damaged roofs may see a higher insurance rate.  Insurance companies also look favorably on metal roofing because research has shown that homes with metal roofs receive less damage from storms and house fires. Consider upgrading to metal roofing to decrease premiums.

Security System

Break and Enters and theft losses are also another frequent insurance claim. Many burglars may damage during there break in. Installing an alarm system and displaying the signage outside your home can significantly reduce your risk of break-ins and theft. Spending money on a security system up front can save you on insurance in the long run.

If you want to upgrade any of your home’s features, reconnect with Mike Bolger from Chestnut Park West. Mike Bogler has a vast network of professionals that can help you with the upgrades.

If you are searching for a property in Waterloo, Kitchener, Cambridge or in the KW region, consider trying Mike Bolgers VIP Buyers Program.  
Are you selling or investing? Contact Mike today.

Mike Bolger, Sales Rep
Chestnut Park Realty Southwestern Ontario Ltd.
The Shops at Waterloo Town Square
75 King Street South, Unit 50
Waterloo, ON N2J 1P2
+1 (519) 616-2656 
https://www.mikebolger.ca/

Location: The Shops At Waterloo Town Square, 50-75 King St S, Waterloo, ON N2J 1P2, Canada

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