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5 Ways to Lower Your Home Insurance Costs in Florida

| May 15, 2020 | Firm News

The Monfiston Firm, P.A. understands that, for so many people in Florida and across the country, money is extremely tight right now due to the coronavirus-induced uncertainty. Still, essential expenses (like insurance premiums) must still be paid. To try to provide you with a bit of help right now, we have compiled a list of five ways you can cut your home-insurance costs.

1. Inquire about discounts. Many insurance companies provide various incentives for their customers; for example, most car insurance companies offer lower rates for their policyholders who hold clean driving records free of accidents. This concept can be transferred to property insurance. Showing your insurance provider that you are taking good care of your property and investing in its security may lead to your getting a better premium rate.

2. Consider increasing your deductible. Insurance premiums and deductibles are a balancing act – when premiums go up, deductibles go down (and vice versa). Of course, hiking your deductible will mean you will pay more out-of-pocket for physical damage and other covered losses to your house, but it can be done if you need to save money.

3. Trim the fat. With most insurance policies, there are “nice-to-haves” and “need-to-haves.” The need-to-haves are the bare minimum you have to legally carry. There are often parts of your policy that can be considered a luxury. If you are short on essential living expenses and can identify these non-essential parts of your home insurance policy, it could be a good idea to drop them.

4. Regularly shop around and compare prices. Remember that, as a consumer, you have options when it comes to homeowners insurance. Another company might have different ways for how they set rates, which could benefit you. However, you should not always switch providers based on price alone.

5. Get a wind-mitigation inspection for your property. In Florida, homeowners insurance providers are usually required to offer discounts for customers who take steps to make their home less susceptible to wind damage.

Conclusion

With the potential for devastating hurricanes and other significant weather events, property insurance in Florida is among the most expensive in the country. If you take the actions we outlined above, though, you might start to realize savings on your premiums.

We know every dollar counts for you; if we can ever be of legal assistance when it comes to filing a property insurance claim or fighting an unfair offer, get in touch with us by calling 888-988-FIRM for your free consultation.

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