As a homeowner in New York, things can get pricey. Luckily, we found some creative ways to cut your living expenses while enhancing your property's safety and efficiency. Implementing certain upgrades such as investing in a new HVAC system can lead to savings on your insurance premiums and utility bills each month. Here are some valuable home upgrades tailored to New York homeowners that can help reduce the cost of homeownership.
1. Upgrade Your HVAC System
A new Heating, Ventilation, and Air Conditioning (HVAC) system will provide energy efficiency and can lead to substantial savings on insurance rates due to their energy-efficient designs. A great way to keep warm in winter months and cool down in the summer!
2. Enhance Your Home with a Security System
We're fortunate to live in safe neighborhoods in Westchester County, but installing a robust security system can provide peace of mind while earning you insurance discounts. With so many smartphone-enabled options available ranging from alarm systems to video doorbells, protecting your home has never been more convenient or cost-effective.
3. Install Water Shut-Off Devices
Given the increasing concerns about flooding in various parts of New York especially during hurricane season, insurance companies are incentivizing homeowners in this area to install water shut-off devices. These devices enable swift responses to flood alerts, helping to mitigate potential disasters and qualify for premium savings.
4. Switch to Electric or a Gas Fireplace
While traditional wood-burning fireplaces evoke charm, they also pose safety risks and may not comply with local regulations. Transitioning to an electric or gas fireplace not only addresses safety concerns but also qualifies you for insurance discounts, ensuring both coziness and security in your home.
5. Update Your Wiring for Safety
For older homes built before the 1960s, outdated electrical wiring poses significant hazards. Upgrading to modern materials like copper not only enhances safety but can also lead to considerable savings on insurance premiums for New York homeowners.
6. Upgrade Your Plumbing System
Periodic updates to your home's plumbing system can yield savings of up to 15% on insurance premiums. Beyond enhancing performance and corrosion resistance, upgraded plumbing allows you to enjoy modern updates and appliances while securing insurance discounts.
7. Renovate or Replace Your Roof (Or Parts of It)
Investing in a new roof may seem daunting, but it can yield substantial savings on insurance premiums for New York homeowners. Some insurers offer discounts for specific roofing materials, making a roof renovation or replacement a good investment in both safety and insurance savings.
Did you know about these home upgrades that can lower insurance premiums? Not only do they give you a chance to update your home, but they also save you money down the line. It's a win-win for homeowners looking to protect both their homes and their wallets!
Not sure where to start? Contact The Geiger Stern Team to get connected with local contractors and recommended insurance agents. A home is a big investment, and we want to make sure you (and your bank accounts) are protected.
