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4 Simple Ways to Save on Homeowners Insurance in Florida

September 28, 2017

With the cost of homeowners insurance rising in Florida at light speed, more homeowners are looking for ways to trim their cost.  It may be tempting to reduce coverage on your policy or even eliminate certain coverage entirely. Before you go that route, which we highly recommend you avoid doing, there are 4 simple ways to reduce your home insurance premium.

 

Bundle your home, flood & possibly auto insurance together

Many Florida home insurance carriers will give you a discount by simply bundling your home and flood insurance together.  The discount, with some carriers, is as high as a 5% discount off your home insurance policy.

 

While most home insurance companies in Florida do not offer the ability to bundle home & auto, a couple now do.  The best way to find out if your carrier does is to call your licensed insurance agent.  Bundling home and auto may reduce your cost an additional 5% to 10%.

 

Do a complete policy review and ask your agent what discounts you may be eligible for

Unfortunately not all agencies or agents are created equal.  Take matters into your own hands.  Call your agent and ask for a review of your homeowners policy (something you should do annually).  Inform your agent you are seeking to lower your premium and inform your agent if you have any of the following:

  • You live in a gated community.  Make sure to state if it is a man-gated community; the discount may be higher with some carriers.

  • Your home has a burglar alarm (if it is monitored at a central station, make sure to tell your agent.  The discount may be more).

  • Your home has a fire alarm (if it is monitored at a central station, make sure to tell your agent.  The discount may be more).

  • Accredited builder discounts may be available to you depending on how recent your home was built.  Ask your agent to see if your builder is an accredited builder with your insurance carrier.

  • Condo owners who have built in sprinkler systems may be eligible for discounts.  If you have an HO-6 condo policy, be sure to ask.

Raise your deductible...but not too much

Raising your deductible will reduce your premium as well.  In Florida, most policies, have two separate deductibles.  A policy premium is made up of these two main coverage's Hurricane and Non-Hurricane (also known as All Other Perils).  Hurricane deductibles range from $500 up to a percentage of the coverage in the policy.  The Non-Hurricane portion of the premium is for any covered Peril that is not affected by a Hurricane and those deductibles range from $500 to $5,000. 

 

This decision needs to be well thought out.  While the discount may be enticing, the financial burden you risk may be hefty.  A home with $250,000 in dwelling coverage and a 5% deductible equates to the homeowner paying the first $12,500 in hurricane damage.

 

Have a wind mitigation report completed

A wind mitigation inspection may qualify a property for significant discounts on the hurricane/windstorm portion of your insurance premium.  These discounts can be substantial.  

 

According to Florida Statute 627.0629, ALL insurance companies are required to offer Florida homeowners "discounts, credits, or other rate differentials..." for particular construction techniques that help reduce wind damage caused by hurricanes, tropical storms and other windstorm-related claims.  

 

The Licensed Professionals at Foundation Insurance of Florida will gladly do a 100% free, no obligation review of your homeowners insurance.  We will look to maximize all your discounts.  Call us at (561) 994-9333.  For quotes you may also click https://www.surveymonkey.com/r/homeownersFI.

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