As technology progresses, many improvements have been made to keep our homes safer and more energy efficient. Of course, many of these inventions can also help a homeowner to lower his or her property insurance costs. In fact, many insurance companies give discounts to homeowners who improve the safety or security of their homes.
In general, homeowner’s insurance companies tend to offer lower rates to people who own newer homes than those who own older ones. This is because most newer homes have been built to higher standards than older ones, but also because the materials needed to repair a newer home are often cheaper than the ones required for an older home.
For example, many newer homes are made of composite materials such as fiberglass and plastic. These materials are lighter and cheaper to transport than traditional materials such as wood and metal. In addition, these newer materials are stronger and less likely to wear out as quickly as older ones. This means that many newer homes are less likely to suffer structural damage in the event of a natural or man-made disaster. In the event that they do suffer damage, the damage is likely to be less expensive to fix than the damage that will likely occur to an older home. These lower costs are reflected in the lower premiums charged by insurance companies.
In addition to this, homeowner’s insurance companies will give discounts to policy holders who improve the safety and security of their homes. Installing an alarm system is probably the best example of this. While alarm systems have existed for many years, only recently has improving technology added many features to them.
Today, an alarm system cannot not only monitor for motion, but also for fire, flood, and carbon monoxide. Many homeowner’s policies offer discounts to homeowners who have an integrated system such as this. Newer systems also allow a homeowner to activate and deactivate their system while on vacation, as well as turn on and off lights and other appliances. Since these newer systems have been shown to deter theft more often than older technology, insurance coverage for homes with these systems is usually cheaper.
New technologies such as improved sensors, better sprinkler systems, and even new non-skid materials for wet areas have all contributed to improved safety around our homes, and by default, lower insurance premiums. Be sure to carefully consider what technology is needed when shopping for homeowner’s insurance.