In most cases you would need to have homeowners insurance when paying of a mortgage on your home in Florida. Insurance companies are aware of your need and may very well be ripping you off with regards to your monthly insurance premiums. The question you should be asking yourself is “Are you paying too much for Florida Homeowners Insurance?” More importantly, are there ways where you can lower your overall Homeowners Insurance costs?
Ways to Lower Your Homeowners Insurance Premiums
Once you start digging a little deeper you will soon discover that there are several ways to lower your homeowners insurance costs. Let’s take a closer look at some of these:
- One very effective way is to look for an insurance company where you can get your homeowners insurance policyalong with your business, RV, auto, boat, or even ATV all in one insurance policy. This in itself is a great way to lower your overall costs
- Make sure you are getting all the wind mitigation discounts you are elgible for the cost of a wind mitigation inspection can range from $69.00-$125.00. The savings can be in the thousands.
- Try to install an alarm system that is monitored by another company other than the one who installed the system. It might be an idea to check with your insurance company ahead of time as to their specific requirements with regard to the alarm system, and by how much it will lower your monthly premium
- Do not file unnecessary claims against your Florida homeowners insurance company. Only do so when it proves to be more cost effective and really necessary
- Ensure that your premiums get deducted from your monthly or weekly check. This will result in savings of 10 to 15 percent on your insurance premiums. On top of that your homeowners insurance policy will never lapse as it will always be up to date
- Do your homework and shop around before you commit to a particular homeowners insurance company in Florida. It might be worth your while to change to another insurance company if it will mean a cost reduction of more than 15 percent. To make it easier on yourself, you could consult the department of insurance in Florida for their annual premium survey of Florida’s homeowners insurance companies
- Another way that is often overlooked is to increase your deductible. This would mean that in the event of a claim the amount you would pay in might be quite high, but the savings you would realize on your monthly Florida homeowners insurance premiumswould more than make up for it. As long as you know that you will be able to afford the deductible you opt for with your Florida insurance company
- It is advisable to make provision for any future deductibles such as Florida hurricane deductibles. This is especially the case in Florida as it is prone to damages caused by hurricanes. It is best you negotiate what additional monthly homeowners premium needs to be paid with your insurance company.
You could speak to an insurance advisor to find out what can be done to minimize the damages caused by natural disasters and windstorms. It might mean some initial additional expenses in securing your home with storm shutters and getting stronger roofing materials. In the end you will be able to negotiate a lower overall Florida homeowners insurance premium.