Most of the tips listed here have to do with preventing water damage to your home.  That's because water-related problems are a huge source of home insurance claims, not to mention endless headaches when your home is being inspected during a sale.
 
I highly recommend reading an article by Insure.com that explains when your home insurance does, and does not, cover you for water damage from events like flooding from sewer backups and burst water pipes.
 
Here's a link to the article:  Water damage in your home: Seven scenarios.
 
Tip:  The article recommends never mentioning the word "flood" when you speak to an insurance professional about damage that did not occur as the result of overflow from a "lake, stream, river or other body of water."
 
For example, if water pipes burst and delivered a foot of water into your basement, you could cause yourself insurance hassles simply by saying that the broken pipes had "flooded" your basement.

 

(Note: The time and money expenditures below are estimates.) 
 
 
1. Regularly check hoses and fittings on appliances, sinks and toilets
 
Plastic water lines on washing machines, dishwashers and refrigerators tend to become brittle and develop cracks with age.
 
Recommendation:  Check for rust on connectors.  Check for bulges, cracks or brittleness in hoses.  Replace plastic hoses every three years.
 
Expenditure:  Approximately 10 minutes, or $20 to $200 to buy new fittings and/or hire a handyman contractor.

Savings:  Potentially thousands of dollars in water-related damage.
 
 
2. Upgrade washing machine fittings
 
Washing machines are such a big cause of home insurance claims that it's worth addressing them in detail.  Tim Carter at the Ask the Builder website gives two great recommendations:
 
Recommendation:  Replace the conventional water supply shut off valve with a ball valve, and install burst-proof water supply hoses.
 
Ball valves cost just a few dollars more than traditional valves, are easy for a plumber to install, and they do not corrode over time because their interior parts are typically made of plastic and stainless steel.  Tim Carter says that he would "gladly pay even more money for the years of leak and trouble-free performance they deliver," and recommends installing ball valves for all water shut off locations in your home.
 
Burst-proof hoses are rubber hoses with a sheathing of stainless steel fabric that helps prevent then from breaking.  (Keep in mind that any hose can fail; it may be a good idea to replace even burst-proof hoses every five years.)
 
Expenditure:  $10 to $20 for a burst-proof hose, $35 to $70 for a ball valve, or several hundred dollars for a plumber.

Savings:  Potentially thousands of dollars in water-related damage.
 
Tip:  Burst-proof hoses are a good idea for water supply lines to toilets as well.
 
 
3. Keep gutters and downspouts unobstructed
 
This may seem like a simple recommendation, but it has important implications.  When gutters overflow, water comes into contact with the exterior of the home and eventually causes decay of fascia boards and siding.
 
Overflowing gutters and incorrectly channeled water from downspouts can also dump large amounts of water near a home's foundation, leading to serious problems with water intrusion into the crawl space or lower levels.
 
Recommendation:  Keep gutters and downspouts clear of debris, and make sure water from downspouts is routed away from the home's foundation.
 
Expenditure:  Several hours to clean gutters, $5 to $15 for a splash block, or $100 to $300 for professional gutter cleaning.

Savings:  Hundreds to thousands of dollars in decay-related repair.  Typically, thousands of dollars for repair by a drainage contractor.
 
 
4. Check toilet bolts for signs of corrosion
 
When the seals around the bolts that connect the toilet tank to the bowl start to fail, a small leak often develops that can be very hard to notice until water damage has already occurred.
 
Recommendation:  Check toilet bolts for signs of water leaks and corrosion.

Expenditure:  Approximately 15 minutes.

 

Savings:  Hundreds to thousands of dollars in water-related damage.
 
Tip:  There's an excellent article showing exactly where the bolts are located and how to replace them at the Acme How To website.  Here's the link.
 
 
5. Turn off water supply lines when you leave on a trip
 
It only takes a short time for a broken water supply line to cause you a lot of trouble, so it's often a good idea to turn off water supply lines before leaving your home for an extended period of time.
 
Recommendation:  Turn off the water supply to dishwashers, washing machines, toilets and sinks.
 
Expenditure:  Approximately ten minutes.

Savings:  Potentially thousands of dollars in water-related damage.
 
 
6. Install a water sensor alarm
 
Even if you've been diligent about replacing hoses and inspecting your home for leaks, an accident can still happen without you being aware of it.  These days a number of inexpensive sensors are available that will alert you if they detect signs of a water leak.
 
Recommendation:  Install water sensor alarms near your water heater, appliances and sinks.
 
Expenditure:  Just over $10 for an alarm like the Leak Frog Water Alarm, which currently has a consumer review rating of 4.5 out of 5 stars on Amazon.com.  Here's the link to the Leak Frog.

Savings:  Potentially thousands of dollars in water-related damage.
 
 
7. Clean or replace furnace filters frequently
 
Most home inspectors will tell you that it doesn't take long for a furnace filter to become covered with a film of dust, lint, and pet hair that impedes air flow.  This forces your furnace to work harder, and eventually will shorten its life span.
 
Recommendation:  Replace or clean filters every one to three months during the times of year that your furnace is in use.
 
Expenditure:  15 minutes to clean a furnace filter, or $5 to $40 for a new one.

Savings:  Hundreds of dollars in repairs; $2,000 to $3,000 for a new furnace.

 

Tip:  Here's a helpful article on how to choose a furnace filter.  Click here to read it.
 
 
8.  Drain sediment from your hot water tank regularly
 
Keeping your water heater free of sediment helps it to run more efficiently, and increases its life span.
 
Recommendation:  Drain the water heater completely every 6 to 12 months.
 
Expenditure:  One to two hours of time.

 

Savings:  $600 to $1200 to replace and install a new water heater.
 
Tip:  The Lowe's website has clear instructions on how to drain a water heater. Click here to read the article.

 

9.  Make sure you have adequate attic ventilation
 
According to Tim Carter of Ask the Builder, "The temperature and dew point of the air inside your attic needs to be as close as possible to the air on the other side of your roof."  When this does not happen, heat and moisture trapped in the attic space can lead to mold problems and even significant roof damage.
 
Proper attic ventilation requires a combination of intake and exhaust vents that create continuous air flow.  A common rule of thumb is that for every 300 square feet of attic space there needs to be one square foot of unobstructed vent space, although some building codes require one per every 150 square feet.
  
Recommendation:  Make sure the attic is properly ventilated, and check every 6 months to make sure that exhaust vents for bathrooms and clothes dryers have not become disconnected.  (They should vent to the exterior of the home, not into the attic.)
 
Expenditure:  15 to 30 minutes to check; possibly $500 to $800 for a contractor to add vents.

Savings: Potentially thousands of dollars in mold mitigation and roof repair or replacement.

 

Tip:  There's an article online that gives a very thorough explanation of attic ventilation requirements.  Click here to read it.

 
10.  Keep moisture out of the crawl space
 
If your home has a crawl space, it's important to make sure that moisture emanating from the soil does not penetrate the building structure.  A buildup of moisture in the crawl space can also lead to warping of hardwood floors and a pervasive smell of mildew throughout the home.
 
Recommendation:  Make sure that a vapor barrier covers any soil area, and that crawl space vents ensure a continuous flow of air.
 
Expenditure:  30 minutes to evaluate, $60 to $150 for a 6 mil polyethylene vapor barrier.

Savings:  Potentially thousands of dollars in mold mitigation and structural repair.
 
Tip:  According to home improvement expert Bob Vila, polyethylene vapor barriers (commonly referred to as Visqueen) need to be 6 mil, not 4 mil, in order to qualify as a "vapor retarder."