The Most Common Home Insurance Savings You Qualify for in Florida
Home insurance can be expensive, and this is why many Florida homeowners are starting to look for discounts to help trim the costs. While it may be tempting for you to stop specific coverage or reduce your coverage amount, you want to be 100% prepared if something were to happen. This is why we recommend looking for as many discounts as you can and seeing which ones apply to your current policy.
1. Bundling Savings
One very easy discount you can get is to consider bundling multiple insurance policies under one company. For example, maybe you have auto insurance under company B but home insurance under company A. You can take your auto policy and shift it over to company A. Many insurance companies are happy to give customers a discount who decide to bundle their multiple insurance policies. As a bonus, it also makes it easier to track your payments, claims, and history if it’s all at one company.
2. Increasing Your Deductible
Raising your deductible will save you a little money, and many insurance policies in Florida have two deductibles. Your policy premium includes Hurricane and Non-Hurricane coverages. Deductibles for your Hurricane coverage can be around $500 or a percentage of your policy coverage. The Non-Hurricane coverage’s deductible can fluctuate from $500 to over $5,000. You have to really consider this option, though, because there is a large financial burden. If you have $250,000 in dwelling coverage with a 5% deductible, you’ll have to pay $12,500 out of pocket for hurricane damage.
3. Accredited Builder Discounts
If your home is new, you could get an accredited builder discount from your insurance company. Ask the agents you speak to if the person who built your home has accreditation with their particular insurance entity. If they say yes and your house isn’t very old, this could mean they give you a slight discount on your policy. You can even shop around until you find a builder that has accreditation with a specific company.
4. Gated Community Discount
Gated communities are very popular because they give extra layers of security for their occupants. Insurance companies like them too, and they could offer you a discount if your home is within one of Florida’s many gated communities. It’s an extra security measure that makes your home more desirable, and the insurance company sees it as a bonus.
5. Security Alarm
It’s a good idea to update your alarm systems. These systems will alert you if anyone tries to break in, and insurance companies see this as a positive step in reducing your risks of a claim. They may give you a bigger discount if you have an alarm system that reports directly to a security company or the police. Even installing quality locks like deadbolts on your doors can get you a discount.
6. Fire or Carbon Monoxide Alarms
Any steps you can take to make your home safer to live in is something a home insurance company will look favorably on. You should install carbon monoxide and fire alarms on every floor of your home. Make a point to change the batteries regularly and test them to see that they work. If the alarm system goes to a centralized monitoring system like your security alarm, you could get a larger discount again.
7. Sprinkler System
Anyone who lives in a condo instead of a traditional house could have a sprinkler system built into the unit. This could be there before you buy it, but it can get you a discount on your home insurance premium. Check and see if you have an HO-6 condo policy. If you do, ask your agent if you can get a discount for it. The sprinkler system can help reduce the amount of damage your condo takes in the event of a fire, so the insurance company sees this as a preventative measure.
8. Get a Wind Mitigation Inspection
You can have a home inspector come out and perform a wind mitigation inspection on your home. A positive report has the potential to save you substantial amounts of money on your hurricane or windstorm portion of your premium cost. In fact, Florida Statute 627.0629 states that every insurance company has to offer homeowners in Florida credits, discount, or rate differentials for having certain construction techniques on their home that help reduce damage caused by tropical storms, hurricanes, or windstorm-related claims. The inspector will be able to tell you if your home has these measures in place or not.
9. Keep a Good Credit Record
Getting a solid credit history can help reduce your home insurance premium costs. In several states, the insurer will have to tell you of any adverse actions pertaining to your premium like a higher rate if it’s your credit’s fault. You should pay your bills on time each month, keep your credit balances low, and don’t take out more credit than you need. You should routinely check your credit record and fix anything you see that isn’t correct.
10. Disaster-Proofing Your Home
Contact a few insurance agents and see what steps they would recommend you take to disaster-proof your home to make it more resistant to tropical storms or natural disasters. You could get a discount and save money by reinforcing your roof, adding shutters, or purchasing stronger roofing material. You can retrofit older homes, and consider upgrading your electrical, plumbing, and heating systems.
Nsure Can Help You Qualify for Home Insurance Savings
If you’re trying to save on your home insurance policy, Nsure is here to help. All you have to do is input your address and answer a few simple questions. We’ll pull quotes from over 40 top-rated home insurance lenders for you to compare. You can double-check the coverage, find discount opportunities, and see which company will add up to the most savings for you. You can contact us with any questions.