New windows that better protect your home might be a good long-term investment, especially in areas where hurricanes are common and insurance discounts frequent. “New windows may cost you $10,000, but could save you $2,000 annually” in premiums, Lanham says.
Homeowners in drought-stricken areas exposed to wildfire risk should “harden” their structures and properties by using materials and building designs that are less likely to catch and spread fire. While this can help lower homeowners insurance costs, it of course also reduces the risk of wildfire damage to a home in the first place.
Some high-net-worth homeowners in fire zones have gone so far as to install “sprinkler” systems that spray structures with firefighting foam to retard flames. In other cases, the fix might be as simple as landscaping. For instance, insurers flag more-flammable Italian cypress trees and wood mulch as factors that can contribute to higher premiums.
If you have flood insurance, or are considering getting a policy, another damage-mitigation – and insurance savings – strategy is to elevate a low-lying property to limit possible flood damage.
Check your policy renewal for climate-driven coverage adjustments
As if the prospect of higher premiums isn’t bad enough, Lanham says there’s a rising risk of your coverage being quietly adjusted in ways that might leave you shorter than you anticipated after a weather-related claim.