Home security and maintenance often reduces insurance premiums

Posted 2007-10-11

Homeowners should take into account that security measures and good home maintenance can often reduce the amount spent on insurance premiums. Taking just one hour out of a day to carefully review an insurance policy and contacting home insurance companies could prove to be a very wise financial move.

Not all new insurance programs or information may be available in current policies, therefore, just shopping insurance carries, and inquiring as to what savings may be available for adhering to good home maintenance, and installing security features, could prove to make the hour spent quite valuable.

The Association of British Insurers (ABI), has suggested that adding quality to a home such as secure gates and floodlights can be taken into account when calculating home insurance premiums.

Spokesperson for the ABI, Kelly Ostler, offered, “If you don’t maintain your house, guttering, roof and things like that your claims may be declined.” Adding, “Different insurance companies will ask different things but you can give them extra information [to lower rates].”

Many such improvements, including wireless video and alarm systems, could be funded through a secured home loan, which can provide extra money for a range of security and maintenance purposes.

According to Credit Action, more Britons have chosen secured home loans in the past 12 months, with the total amount lent increasing by 10.8% by the end of August 2007.

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