Blog Post

Home Updates that Could Lower Your Insurance

Dustin Edwards • May 30, 2022

Lower Your Insurance and Update Your Home

Insuring your Long Beach rental property is necessary to protect your investment. Every insurance company's costs and coverage is different which means it is essential to contact your insurance agent before you commit to any changes in your rental property that you would expect could lower your rates. Your insurance agent should let you know what discounts are available and could be applied to your Long Beach rental property. 


If you are wondering what property upgrades could lower your insurance rates consider the following:


Home Security System

Modern technology has made securing your Long Beach rental easier and more affordable. Many home security systems connect directly to your mobile phones and computers. There are plenty of options for security systems from traditional ones like ADT to modern, consumer friendly companies such as SimplySafe or Cove which are known to have flexible payment options, no contracts and customizable systems.


Keep in mind that home security systems are more common for a single family home personal residence. A tenant may not want to pay for the service so you as a landlord may want to opt for a security system to keep both your property and your tenant safe.


Leak Detection System

A leak detection system monitors water flow through a pipeline, until irregular behavior is detected. The system cuts off the water to the property by closing a valve inside the leak detector. Preventing major leaks and water damage to your Long Beach rental property. Many modern units can be connected to smartphones and tablets, notifying you if there are any abnormalities within your water flow even when you're not home.


Leak detection systems can sell on average for $500 - $2,000 depending on what system is being installed.
MOEN and LeakSmart are great examples of smart leak detectors with automatic water shut off. Hiring a plumber is recommended to install the system which can add an additional cost of $200 - $500, but can prevent thousands of dollars in damages if a leak goes unchecked. 


Replacing your Roof

Roofs are the first line of defense from weather in a home and may be the biggest impact on your insurance. Regular inspections of your rental properties roof’s condition is recommended once every 3 years for newly finished roofs. Or  every year if it's nearing its 20 year lifespan. If you are unsure of the age of the roof, it is recommended you do yearly inspections. If you begin to notice the condition of the roof faltering, replacing the rental property roof with a new roof can prevent water damage in the home and could lower your insurance rates drastically.


Smart Home Technology

Some insurance companies may offer policy credits and discounts if your rental has smart home devices installed. Ask your insurance agent if installing smart home devices in your Long Beach rental qualifies for said discounts. Aside from discounts a “smart home” offers valuable security when incorporating smart locks, security cameras and gas or water leak detectors. Making “smart home” upgrades a great investment which can save on insurance.


Upgrading Wiring, and Plumbing

Many single family homes in Long Beach CA were built in the 1940’s making the home systems outdated for modern living. Replacing aging plumbing can reduce the chance of water leaks or sewage leaks which can be expensive and leave an off putting odor. Older homes sometimes use aluminum wires or knob and tube wiring which are exposed wires running through the attic and within walls. Over time the insulation on the wires begins to falter which can lead to electrical fires. A great rental property electrical upgrade to reduce this risk is a partial or full rewiring of the property. Modern copper wires can help reduce and prevent these kinds of accidents. Electrical fires and water damage being two of the most frequently filed homeowner insurance claims. 


If you have any questions about other updates or you need a referral for an insurance agent who is familiar with rental properties we invite you to call us at (562) 888-0247 or feel free to fill out our
free rental analysis to see what your rental could yield today.

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By Dustin Edwards December 19, 2024
If you're properties are suffering from lack of heating this winter, these 3 common issues could be the cause.
By Dustin Edwards December 12, 2024
Although Southern California’s winters are typically mild when compared to other parts of the country, tenants still value a warm home during the cooler months. Taking steps to maintain a comfortable living environment shows your tenants that their needs are being prioritized. This is crucial for tenant satisfaction, especially during the holidays. Below are three methods to help keep tenants warm during the winter season. Maintain Heating System It's required for landlords to provide rentals with a working heating system, however, it's not uncommon for these to fall into disrepair either because of lack of maintenance or negligence. Scheduling regular inspections and maintenance before the coldest weather can help to ensure the heating is reliable and efficient. Cleaning air filters, and checking for cold spots, or irregular noises can help prevent small issues from escalating into expensive repairs. Preventative maintenance can help to reduce the chances of inconvenient calls for emergency repairs. Being proactive with your maintenance can also help you protect your investment while earning goodwill from your tenant. Another factor that can affect your heating system is drafts around windows and doors. These drafts can cause your heating system to overwork which makes the system less efficient, and reliable and ultimately reduces the lifespan of your heating system. You can address this by inspecting the seals around doors and windows for gaps or cold spots. Replace worn-out seals and caulking where it's needed. Offer Smart Thermostats Consider providing your tenants with a smart thermostat for energy-efficient heating. This can not only give tenants control over their comfort, but it's also a great tool to reduce energy usage. By providing this upgrade to your tenant, you show a commitment to your tenant’s satisfaction which can in turn result in a long-term tenant. These kinds of devices definitely benefit your tenants, though they can also contribute to the longevity of your rental property as well. Additionally, you can give your tenant a smart thermostat as a holiday gift . This can show your tenant that you’re not simply collecting rent while protecting your investment. Reverse Ceiling Fans The direction in which a ceiling fan rotates is oftentimes overlooked, and it can have a great effect on the temperature of a home. A ceiling fan is typically seen as a way to cool down a home during the hotter seasons without using the air conditioning . Reversing the spin of a ceiling fan can help to circulate warm air more efficiently during the cold season . This is because warm air rises, and a fan rotating clockwise will push the warm air back down helping maintain warm temperatures. Most fans have a switch on the motor and it is easily accessible for most people with a step ladder. This easy adjustment helps reduce the need for your tenant to use the heating system. Tenants will notice a more consistent and comfortable temperature indoors. This should also help reduce costs on their energy bill. Reversing the rotation of the ceiling fans also takes some of the strain off of the heating system. This helps to ensure it operates efficiently for years by reducing the wear and tear on it. Taking proactive steps this winter season to ensure your tenant’s comfort demonstrates a landlord’s commitment to their tenant’s comfort. A comfortable tenant is a satisfied tenant , which can lead to a long-term tenant and steady rental income. Consider it a small investment for long-term success. If you need help keeping your rental warm or managing Beach City rental property, we invite you to call us today at (562) 888-0247 or complete our Owner Application online .
By Dustin Edwards December 5, 2024
Discover 3 Gift Ideas for your tenants this holiday season.
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