Home insurance plays a crucial role in protecting your home and belongings in the event of a disaster. However, for many homeowners, especially in the state of Florida, the cost of home insurance can be a significant expense and is only increasing. As part of our commitment to help homeowners save money, we've compiled a quick guide that can help you save money on your home insurance:
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1. Shop around for the best rates
The first step to saving money on home insurance is to shop around and compare rates from different insurance companies. Don't simply go with the first insurer you come across, as rates can vary significantly between providers. Take the time to research and compare policies to find the best deal for your needs. Unfortunately, in Florida, many carriers have exited the state and you are left with state run Citizens or a surplus lines insurer.
2. Improve your home's safety features
Home insurance companies often offer discounts for homes with safety features such as smoke detectors, deadbolts, and security systems. Consider installing these features in your home to lower your insurance costs. Additionally, certain upgrades such as impact-resistant windows and roofs can also lower your premium costs in areas prone to hurricanes and other severe weather events. Such renovations should be reported to your insurance carrier as soon as possible to maximize your discount potential. Review with your insurance agent any additional discounts that may be available to you for other home improvements.
As of November 2022, the State of Florida is offering the MySafeFlorida Home Program which, if you qualify, will provide you up to $10,000 for upgrading your house with certain features such as impact windows, a new roof, and other upgrades.
3. Review your policy regularly
It's essential to review your home insurance policy regularly to ensure you're not overpaying for coverage you don't need. For example, if you've made upgrades to your home, you may need to adjust your coverage limits. Additionally, if you've paid off your mortgage, you may no longer need to carry certain types of coverage. Also ensure you are only paying for coverage on your dwelling and not on the value of the land.
4. Maintain a good credit score
Your credit score can also impact your home insurance rates. Insurance companies use credit scores to determine the likelihood of a policyholder filing a claim. Maintaining a good credit score can help you qualify for lower insurance rates.
5. Increase your deductible
Another way to save money on home insurance is to increase your deductible. Your deductible is the amount you pay out of pocket before your insurance kicks in. By increasing your deductible, you can lower your premium costs. However, keep in mind that you'll need to have the funds available to pay the higher deductible if you need to make a claim.
6. Bundle your insurance policies
If you have multiple insurance policies, such as home and auto insurance, consider bundling them with the same provider. Many insurers offer discounts for bundling policies, which can result in significant savings on your premiums. If you have an auto insurance agent, ask them if they will bundle your homeowners insurance. While it may not reduce your homeowners insurance, it may reduce your auto policy costs.
OnYourSide’s Commitment
At OnYourSide, we provide our clients with savings, transparency, and trust. We go above and beyond to find ways to save money whenever possible. If you're looking to renovate your home to help get an insurance discount, our quote negotiation service is designed to help you. We maximize your savings by negotiating the best possible prices from contractors you choose, ensuring that you receive the most value for your money while safeguarding your home and belongings.