Maintaining a Safe and Insurable Home

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A safe and welcoming home needs protection from fire, water damage, pests and intruders. Guarding against lawsuits from someone injured in your home is critical. Many accidents can avoided with proper maintenance and simple, common-sense precautionary measures. "Maintenance is an important facet of risk management in a home," says Loretta Worters from the nonprofit Insurance Information Institute. The other key protection for homeowners is insurance. Insurance Make sure you carry enough insurance to cover the cost of replacing your home and everything in it. Review your policy annually and make adjustments if needed. A large number of insurance claims can lead to higher premiums, so it pays to stay safe. As a minimum for insuring a house, companies look for it to be in compliance with building codes, that the heating, plumbing and electrical systems are in good operating order, and that all stairs and walkways leading into and out of the home are safe to navigate. The largest number of insurance claims are due to water damage. However, payouts for claims due to fire are higher. "Fire tends to generate larger losses because when they occur they tend to be more catastrophic," says Tim Bowen, director of homeowner claims at the MetLife Auto & Home insurance company. "Water losses are more frequent because of the number of appliances and plumbing systems and because of customers making mistakes." Fire Cooking is the leading cause of home fires, according to the National Fire Protection Association. The risk of kitchen fires can be lowered by never leaving food cooking unattended, cleaning your oven and stove to prevent grease buildup, and having an all-purpose fire extinguisher within reach. Heating systems are another major culprit. Fireplaces, electric and kerosene heaters, wood stoves, oil and gas-powered furnaces, and boilers all need to be serviced regularly. Faulty wiring also causes residential fires. Make sure your wiring is up-to-date and that your main electrical panel is big enough. "It's critically important that you don't overload electrical circuits or cords," says Tim Bowen, director of homeowner claims at the MetLife Auto & Home insurance company. Keep use of extension cords at a minimum and don't run them under carpets or furniture. Make sure the light bulbs in your fixtures are the wattage recommended by the manufacturer or they can overheat. Candle fires are increasingly common as more people use them for scent or mood-setting. "They appear very innocent but they tend to lead to many fire losses," Bowen says. Other common causes of fires are dryer vents plugged with lint, improperly stored and operated emergency generators, and matches in the hands of children. Install smoke and carbon monoxide detectors throughout the house and replace batteries every 6 months. The entire detector should be replaced every 5 years if it is battery-powered and every 10 years if it is hard-wired. "That's really an inexpensive fix that can do so much for you," says Jeff McCollum of State Farm Insurance.

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