Florida is known as the Sunshine State. But despite this moniker, Florida is routinely ranked in the top 5 states for yearly precipitation, thanks to our numerous storms and hurricanes. For this reason, homeowners insurance in Florida can be well above the national average. On top of storm and wind damage, there is always the risk of losses due to theft or house fires. Having a quality homeowners insurance plan is essential for every homeowner. If your annual bill is coming out higher than you would like, utilize these tips and see how much of a reduction you can apply to your insurance premiums.
Prepare Your Home Correctly
Even with insurance to reimburse your repairs and lost items, a catastrophic event such as immense hurricane damage is a nuisance best avoided. And luckily, by preparing your home against these potential dangers, you can also reduce the premium you pay! Many insurance companies will lower your premium if your house is outfitted with specific prevention measures, such as hurricane shutters and reinforced roofs. A certain Florida law also requires insurance companies to offer lower rates and inform customers of discounts in the event of a wind mitigation inspection by a licensed professional.
Many older homes do not have all the required features and building specifications compared to recently built homes, which often leads to higher insurance premiums. Retrofitting all aspects of your house, such as your heating and central air systems, will not only save you money in the long term on premiums but keep you healthy and safer from potential dangers like house fires.
Increase Your Deductible
Homeowners insurance is designed to help prevent catastrophic damage and losses due to natural disasters or tragedies. It is important to always have a deductible that fits your budget, as you want to ensure you can pay and get the help you need when disaster strikes. However, if your deductible is currently sitting at a relatively low percentage of your earnings or savings, increasing the deductible amount will lead to a potentially significant reduction in your insurance premiums.
Move Inland
The recent hurricane proved that moving inland, even just a few miles, significantly reduces the risk of flooding or damage due to storms. As such, your house’s risk of damage is much lower, leading to a lower premium. Moving houses is not always a feasible solution in the short term, so always make sure to research extensively before you commit to your next home. You can utilize numerous government-provided tools to check your potential for flooding, wind, or fire damage based on location.
Always Research Options
It is essential to always do diligent research before buying homeowners insurance. By staying with one insurance company for an extended period of time, you can expect gradual savings, so making the best choice at the time of home purchase is an integral part of overall cost reduction.
Often, government-provided insurance open to every individual will be more expensive than privately offered plans. Ask different companies about their options given your scenario; if you have excellent credit and a history of maintaining and preparing your house against storms and other risk factors, you might receive tremendous discounts and reductions compared to others in your area.
Homeowners insurance does not cover all damages to your home. For example, most policies will not include any protection for structural damage or personal belongings lost due to floods. However, a trusted insurance broker can identify your needs and equip you with the perfect policies for your situation.
Anderson & Associates Insurance Group is your local insurance experts. We can help to determine the best coverages for your needs – call our Palmetto offices today.
