Prevention – Your Primary Instrument for Home Premium Control
Every Step Will Pay Dividends
It wasn’t that long ago when insurance companies aggressively pursued home owners for the opportunity to provide Home Insurance, but that has all changed. This change has been driven by data which includes a wide range of metrics advising insurers on who and where they should write home insurance.
But the growth in frequency and severity of catastrophic weather events has added another dimension to the criterion that drive future premiums.
What’s the answer?
In a word Prevention!
If you are choosing a property, try to steer clear of coastal locations or properties that are near a body of water. If that is not possible, use these preventative measures:
- Shutters or impact glass to control the wind
- Elevate your mechanicals above base flood elevation
- Elevate or eliminate any storage in the lower levels (add flood venting)
- Trim back surrounding trees to avoid trees falling on your home
If you are not coastal or near a body of water, here are some prevention tools to consider. The key here is early detection so you minimize any claim damage:
- A security system complete with heat sensors, water leak detection, smoke detectors, infra-red for inside and outside intrusion
- Ask your insurer for an infrared scan to determine if you have any electrical hot spots or undetected water leaks
- Clean your gutters in the fall and trim trees annually to keep them healthy
Clearly, some damage claims that occur to the home are outside the owners control, so a strong insurer is important if that happens. But controlling the cost of insurance over the next 3-5 years and beyond, a lot of which is within the owners control, should be normal protocol to avoid nuisance claims.