As of the end of February, the IRS has refunded $146 billion and the average refund is $3034. So if you’re getting money back , it may be tempting to spend that newly-found cash on fun things (like vacations), but investing part or all of your refund on home improvement projects can save you money on your insurance premiums. Here are a few suggestions:
Last winter was rough. (Many would say that’s an understatement.) If your roof was compromised (ice dams, lifting shingles, damaged areas, etc.) and it’s time to replace…devoting your tax refund to that will not only protect your home, but could potentially earn you savings on your homeowner insurance if you replace it with impact resistant materials.
U.S. fire departments respond each year to an estimated average of 47,820 reported U.S. home fires involving electrical failure or malfunction. These fires result in 455 civilian deaths, 1,518 civilian injuries and $1.48 billion in direct property damage. If your home has old wiring, particularly if you still have fuses rather than circuit breakers, investing in rewriting your electrical system will not only bring you increased safety, but it should also earn you a reduced insurance premium!
Insurance companies offer discounts on homeowner insurance for security systems. Plus, many of the security systems incorporate smoke and fire detectors that also carry additional discounts. Give your Cushman Insurance Group representative a call to find out specifically what your insurance carrier offers and to confirm any requirements they may have for systems that qualify for discounts.
So while it’s fun to spend a tax return on gifts for yourself or family, investing your tax refund home improvement will earn you long-term benefits. Give it some thought! (And if your refund is big enough, maybe you can cover a nice weekend getaway as well!)
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