Top Ten Ways to Save on your Florida Homeowner's Insurance

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Given that Florida homeowner’s insurance might be about to increase it’s worthwhile checking your policy to find out if there are any ways you can save a little on your premiums. Check out this list for a few ideas.

 

Increasing your deductible is almost always the easiest way to save money on any type of insurance policy. Homeowner’s is no exception, and the savings are much more significant—you’ll typically save hundreds per year just by increasing your deductible to $2,500.

 

If your home has a hip roof, it’ll cost less to insure than a home with a gable roof. A hip roof (which is sloped on all sides) is better able to divert strong winds, and takes less damage than a gable roof (which is sloped on just two sides). Obviously, this is not going to help you if your much-loved family home has a gable roof, but it’s definitely something to consider if you’re planning to move.

 

 

If your home was built before 2002, you may be able to save hundreds of dollars on your insurance just by having a wind mitigation survey done. A wind mitigation survey will document hurricane-proof features in your home, such as reinforced garage doors and FBC shingles. In most cases the insurance savings you make in the first year will more than cover the cost of having the survey done.

 

This tip may not make your homeowner’s insurance cheaper, but it’ll increase the safety of your home and won’t cost much, if anything. Having your alarm system monitored costs about as much as you’ll save on your homeowner’s insurance by having it done.

 

 

Shopping around for insurance online is all very well, but when you live in a place like Florida that has—shall we say—“special” weather conditions, you want a local agent. Working with a local agent who represents multiple insurance carriers also means you’ll save money and time, because your agent will do the shopping for you.

 

 

High-risk items such as diving boards, dogs on the “dangerous breeds” list, and trampolines can make you highly unattractive to conventional insurance carriers. If one or more of these risk factors is present in your home, you might end up being forced to get insurance from state-run insurance carrier Citizens. Sure, you’ll get the insurance, but you’ll pay more than you would with almost any other carrier.

 

 

Make sure your insurance carrier is A-rated and admitted. This is a must because a non-admitted carrier doesn’t have state-approved rates, and Florida’s Guarantee Fund doesn’t cover such carriers. Choosing an A-rated carrier is just as important, because they’re more likely to remain financially stable.

 

 

Does your agent have an automatic annual renewal policy? If your agent re-quotes your policy at every renewal point, you’ll be more likely to have the best price for your policy at all times.

 

 

Like the hip roof, this isn’t going to help if you’re already living in your dream home, but if you’re buying a new home, it might. You probably know that homeowner’s insurance tends to be cheaper if you live in an area that’s considered safe and low-crime, but location is important for other reasons, too. Make sure your home is within one thousand feet of a fire hydrant, and within five miles of a fire station. If not, you’re looking at expensive Citizens insurance, because conventional insurers won’t insure a house that’s not located close to fire-fighting necessities.

 

 

For the most part, only specialized carriers will insure a property of five acres of more. Specialized does, of course, mean more expensive. If you’ve got a larger property and you really don’t need the space, reducing your land parcel to four acres or less can save you money on property insurance by allowing you to choose from a much greater range of carriers.

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