Homeowners insurance can be expensive, especially if you live in a high risk area like Florida. However, !a href="http://www.rateelert.com/home-insurance/Florida">Florida Home Insurance policy a fact of life and necessity, and if you do not have the right insurance, it can be more costly than imagined. Assuming that you did your research and have a policy that covers your property in the event of a potential hazard or liability, the next question you should ask is, “what can I do to get the most for my money?”
Here are a few money saving tips for homeowners insurance.
1. Policy discounts. Many Florida home insurance companies will offer a discount on your homeowners insurance if you carry multiple policies with them such as health and auto insurance.
2. Shop around. Reviewing and comparing your policy to other insurance policies is something that should be done often. Look for changes in your policy that could increase or decrease your premium. But if you’re happy with your carrier, stay with them. Many companies offer discounts for customer loyalty.
3. Alert your insurance carrier about changes. Certain changes can decrease your premium such as installation of a security alarm, smoke alarms or a fire hydrant that’s within 100 feet of your home. Keep in mind, if you build a pool, add a deck or garage, you’ll need to increase your policy coverage.
4. Increase your deductible. If you can afford to raise your deductible, it would be a wise thing to do. You can save up to 37% on your premiums this way.
5. Land. Do not include the value of the land your house is on in your home insurance policy in Florida. If you do, your premiums will be higher. For condo owners, your association’s policy typically covers the land your condo or town home is on as well as the common areas.
6. Type of home. You may be able to get a discount on your premium with a newer home. A newer home means less plumbing, heating and cooling problems. You’re less likely to have water damage from rusty pipes in a newer home. Older homes come with a higher risk of damage and possibly a higher premium.
7. Credit rating. Keep an eye on your credit rating. Good credit can mean paying less of a premium. Most insurance companies base their policies on a customer’s credit rating.
8. 55 and older. One of the benefits of getting older is that your insurance company may offer a discount for seniors buying a home. If you’re 55 and older, you may be able to qualify for a discount of up to 10% on your Florida Home Insurance policy.
9. Replacement-cost coverage. With replacement-cost coverage you’ll be reimbursed for an item based on what it costs to purchase a new one. This can save you a lot of money if your possessions are stolen or damaged in a fire, flood or other major disaster.
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Guy Sawicki is an insurance agent in the state of Florida and he helps his clients get the best rate for Florida Home Insurance. He uses RateElert.com, a site that allows him to combine the power of the internet to match the best rate for auto insurance for his clients.
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