Upgrade Your Home, Downgrade Your Risk: Property Insurance

Last Updated:
March 19, 2019
Karen Spencer
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Property insurance rates are calculated based on algorithms that rate the importance of certain characteristics as "riskier" than others. For example, some insurance companies use the homeowner's credit score as an indicator of risk.

Updates to your home may also increase or decrease your level of risk in the eyes of insurance companies. Installing a 24-hour monitored alarm system is one way that may help reduce your insurance premiums.

Insurance companies are not always up-to-date on the latest technology when evaluating your risk, but preventing claims from happening in the first place is a great way to keep your policy premiums at a minimum.

As a homeowner, one of your top priorities is keeping your property and family safe from intruders. With the advent of smart homes and new technology, home security is easier and more affordable than ever.

The following are some other new technologies that can protect your property and loved ones from criminals:

  • Doorbell cameras - Doorbell cameras are a great way to see who is at the door before you open it. This is especially useful if you have children who are frequently home alone.
  • Smart door locks - Smart door locks allow you to lock or unlock your doors remotely. This can be helpful if you forget to lock your doors before you leave the house.
  • Motion sensors - You can attach motion sensors to doors and windows. Even the slightest movement can trigger these devices and alert you to intruders.

Above all, it's important to have a strong security system in place. These systems should include Wi-Fi enabled cameras, smart smoke and carbon monoxide detectors, and an alarm system that notifies the authorities in an emergency.

Not only is new technology a great idea to lower your risk, but including older technologies can  help prevent major claims scenarios from occurring.

If you have already taken steps to help prevent claims, such as installing a backwater valve, battery backup sump-pump, etc., we encourage you to let us know so we can update your policy information.

Also, any updates to main fixtures in your home such as electrical, plumbing, heating, roofing, etc. shows that you are taking great steps to limit your exposure to future damages. Letting us know of these changes will ensure your rates are accurate and your claim benefit is sufficient for any repairs.

Physical updates to your home, whether they are new technology, older technology, or maintenance upgrades, are not the only updates that you should share with your broker.

Ensuring we have the correct contact information will make communicating with you efficient and timely. Have you changed jobs and need to update your business number? Have you abandoned your home phone?

Reaching us by email is the most effective way of communication.

Please take the time to contact your broker with any and all of the upgrades in your home, routine maintenance, and to make sure we have your accurate contact information.