Insurance can be expensive. According to research, homeowners’ insurance rates have been steadily increasing throughout the country, in some cases up over 50% in the last 10 years. In Florida, the average homeowner pays over $2,000 a year and in South Florida well beyond that! Add this amount to the premiums you may be paying for your cars, boat, or RV, and you’re likely spending thousands.
This cost is minimal compared to what it would cost to rebuild your house or replace your assets if disaster strikes, but there are steps you can take to lower your premiums. Here are six ways you can save money on insurance while still getting the protection you need.
1. Check your credit score
Your credit score can impact your premiums. If it has greatly improved since you bought your current policies, consider shopping for a better deal. When you check your report, review it for accuracy and report any errors to the reporting agency right away.
2. Raise your deductible
Raising your deductible is one of the simplest ways to save money on property insurance premiums. Even an increase of $500 or $1,500 can result in lower premiums while protecting your auto or home from covered damage.
3. Install a home security system
When you have a monitored home security system installed, your premiums can lower because a home invasion attempt is less likely to succeed. When requesting a quote, let your agent know that you have such a system in place. If you’re planning to install one, your insurance company may offer special discounts for certain models, so call your agent and ask before you go shopping.
4. Inquire into special discounts
Many home insurers offer discounts to retirees over the age of 55, as they tend to be home more often and can detect problems before they become serious losses. Other discounts sometimes offered are: accredited home builder, secured community, companion policy, as well as a few others. Auto insurers also offer multiple discounts; being a home owner, multiple cars and good student driver, among the many. Ask your agent about your special discounts .
5. Get a wind mitigation inspection
A wind mitigation inspection is practically guaranteed to result in some form of insurance discount if the results are positive. According to the Florida Department Insurance, wind damage risk can account for up to 70% of your monthly premium, so filing a successful report with your insurance company could save you literally hundreds or even thousands of dollars a year. Your agent can help you navigate the process of getting a proper wind mitigation inspection and report.
6. Contact a knowledgeable and experienced Florida insurance agent
When it comes to saving money, few things beat experienced professional input. We Insure agent Rick Leal will meet with you, go over your insurance needs, and take over the hard work of finding a policy that best protects your assets at the most competitive rate. All you need to do is choose… and save! For more information or to schedule a meeting, contact Rick today!