How Regular Home Maintenance Can Help With Your Insurance
When you buy a home, your down payment, closing costs and mortgage are just a part of your housing expenses. You also need to keep the place in good shape. And that, of course, costs money. In general, financial experts recommend setting aside 1% to 4% of your home's value for repairs and maintenance each year.
That preventive and remedial work will leave your home looking better, and allow you to fix minor problems before they become big, costly repairs. But keeping up with your home's maintenance can also save you money on your homeowners insurance, including potentially qualifying for discounts on your premiums.
Some new homeowners mistakenly think they don’t need to worry about issues like roof repairs or leaky pipes because their insurance provider will cover the cost.
However, that's often not the case; homeowners insurance only comes into play if there's damage from a covered incident, such as a fire or heavy winds. Your insurance policy won’t reimburse you for damage that occurs due to age, general wear and tear, or because you skipped maintenance.
Many major or emergency home repairs are preventable if you keep your property in good condition through regular inspections. The cost of maintenance can be much lower than the cost of replacing home components before they fail, sometimes with serious consequences.
For example, your heating, ventilation, and air conditioning (HVAC) systems require regular upkeep. Generally, HVAC specialists recommend that homeowners arrange a service call to maintain their system at least once a year. During this visit, the HVAC specialist will check refrigerant levels, inspect the furnace, replace air filters and clean the system. The cost is usually between $150 and $400, depending on the system and your location.
While that cost may sound steep, the visit can help head off trouble later, such as avoiding a heating failure that could result in frozen pipes that burst.
A better-maintained home is also advantageous to your finances and homeowners insurance policy in the following ways:
1. Avoiding out-of-pocket expenses: Homeowners should know that standard insurance policies usually don’t cover damage resulting from general wear and tear or gradual deterioration. For instance, if a roof has aged over time and deteriorated due to lack of upkeep, the cost to repair or replace it may not be covered, since the damage isn’t due to a sudden or accidental event. In these cases, the homeowner may be responsible for the full cost of repairs, leading to unexpected out-of-pocket expenses.
2. Potentially reducing premiums: Some home maintenance and repairs can actually help policyholders save money on insurance coverage. Some examples:
- New roof: A new roof that meets current safety standards could earn you a discount on homeowners insurance.
- Updated electrical or plumbing: Some insurers, such as Amica, offer discounts to homeowners who update their property's plumbing or electrical systems.
- Updated windows or doors: New windows or doors, particularly versions built to withstand heavy winds or hurricanes, could allow you to qualify for discounts.
- Water leak detectors: These devices can detect minor leaks before they become major problems, so insurance companies may offer discounts for homeowners who use them.
3. Protecting your property's value: Your home is likely the biggest investment you'll ever make. Keeping up with maintenance protects your investment, helping it to hold its value – or even to appreciate.
Smart care for your home
Preventive and routine maintenance enhances the value of your home, and it can reduce the risk of having a claim.
Maintenance doesn't have to be overwhelming, especially if you have a plan. Create an annual schedule that includes safely checking the roof, inspecting the HVAC system and plumbing. Don’t forget the home’s exterior; maintenance tasks like trimming tree branches away from the roof, cleaning the gutters, and ensuring windows and doors are properly sealed will limit the likelihood of making an insurance claim – and could make your policy less expensive.
This story was created in partnership with Money.com.
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