Important Ways You Could Save Money on Your Homeowners Policy
It is no longer a surprise that homeowners insurance premiums have skyrocketed in the state of Florida this year. Many homeowners are in shock over their new premiums and are, of course, looking for ways to save money. Here are a couple of tips that could help you save money on your home insurance policy.
- Tweak Your Current Policy FIRST
As a policyholder, when you get your renewal and see your increase for the first time your knee-jerk reaction can be to cancel your existing policy and get a new one. However, you may end up with an acceptable premium by simply tweaking your current policy first. Call and speak to your insurance agent about adjusting your coverage and changing your deductibles. These are simple tweaks that could save you money and help you avoid the hassles of underwriting, applications and inspections for a new policy.
- Know What Specific Home Improvements Could Save You Money
Home renovation can be an exciting, exhausting and expensive process. However, certain renovations could get you a lower premium and qualify you for discounts when tweaking your current policy or remarking for a new policy. The most common savings will come from a new roof. The newer the roof, the more options you have with carriers. Also, consider acquiring a wind mitigation for roofs replaced after 2002. Wind mitigations could qualify you for discounts. The wind mitigation is an optional inspection and normally costs $75-$80. The inspection evaluates different roof elements and discounts vary, but could save you anywhere between $200-$300 (Please note, wind mitigation inspections do not always save on premium. Call your agent before you spend the extra money for this inspection). Adding hurricane shutters and/or hurricane windows can also get you discounts with most insurance carriers. Many carriers will give a discount for monitored alarm systems in your home and some carriers give you a discount for living in a guarded or gated community. Make sure to share all your home details and improvements with your agent before your policy renews.
We want to help you save money, and the more you know, the more you could save. If you have questions about saving money on your homeowner’s policy, give us a call. We would be happy to discuss the options you have. We will work with you and see if there are discounts you qualify for with your carrier. Call today. 386.767.3161.