I will have a building, and that building would have been renovated with safety and security in mind. I will hope that all of the features mentioned will be a help in reducing the home insurance bill. While I am sure I could afford to do a complete gut and renovation again, I feel that home insurance will be the sound thing to do, and help protect my income.
Safety
There are a number of safety features that should reduce the insurance bill. All of these features will be active and continuous. They are also built in, and not just an after thought. The safety features are as follows:
- Fire resistant insulation
- In-ground radiant heating
- No gas line
- Smoke/CO detectors
- Sprinkler System
Fire resistant insulation will slow the progression of a fire, and designed to reduce the damage as well as possibly save lives. Obviously, there are firewalls where required, but with fire resistant insulation, that fire will flow much slower.
In-ground radiant heating will eliminate the chance of someone slipping and falling because of snow and ice. When there is snow coming, the ground will heat up to above freezing melting snow, and keeping the sidewalk free of snow and ice. Since the ground will also be dry, there will be nothing to freeze over. This should decrease the insurance rates by a good bit.
There will be no gas line. It’s not just deactivated, but it is capped at the source. This means there is no gas pipes running in the building. With that said, there will be less of a chance for carbon monoxide, and a virtually no chance of explosion from the building. This should go a long way in reducing the insurance bill.
Smoke/CO detectors will be grid connected which means they will plug directly into the electrical system of the building. Since there is a battery bank system to provide electricity in the event of a power outage, and the smoke detector will use the battery bank, and if that was to fail for some reason, there is also a battery in the smoke detector which will activate when it doesn’t detect grid electricity. This will keep things safe, and up to par.
The sprinkler system like the insulation will reduce the spread of a fire. This will hopefully contain the fire in the room it started in, and not spread at all. Everyone is still required to evacuate, but this system will reduce the damage to one room which will definitely reduce the insurance rate.
Security
Security will be another circumstance that would reduce the home insurance bill. If there is a security system, it would deter theft, and bad actors. Replacing the keys when a tenant moves out will also decrease the cost of insurance. The following will be considered when reducing the insurance bill.
- RFID Locking System
- Security System
- Surveillance cameras
RFID (Radio Frequency IDentification) is a method that would use a radio signal, and a unique key to authorize, and allow entry into a location. When a tenant is about to move in, they will be given an RFID key card for them, and every member of the household. Rather than having to change the locks if a key is lost, or the tenant moves out, the key card access will be terminated – therefore eliminating the need to replace locks. For the locking system, there will be a mag lock system on both the entry door, and apartment door. The system is designed to automatically unlock in event of a power failure, but with solar panels, and battery banks, this will not be an issue even in a prolonged power outage. If it matters, I will be having my key surgically inserted into my hand meaning I will never lose my key unless I lose my hand.
Security system for my apartment will be active. It will be up to the tenant to install a security system in their unit, but they can not damage the walls, or other things. This will reduce the number of options available, but they still have the option to have a security system in place. I will personally use SimpliSafe since all of their products will install without damaging the walls. If the tenants were to add a security system, they will have to give me a PIN in case I have to enter the residence when they are not home. If someone comes in with me to do any repairs, or work, they will not be given the PIN. Instead, I will be with them.
Surveillance cameras will be all around the building. There will be a camera on the front and rear of the properties. There will be a camera in the public foyer. There will be a camera in the elevator(s), and there will be a camera in the space adjacent to the residence’s door. All of these cameras will be made known, and this alone will reduce the chance of a bad actor from acting badly on my property.