How to Save Money on your Florida Homeowner's Insurance Policy

When it comes to today’s economy, the importance of saving money simply cannot be stressed enough. Fortunately, there are a few ways for you to save money on your Florida homeowner’s insurance policy without skimping on the things that are really important to you, your family and your home.

Raise Your Deductible

While you never want to raise your deductible so high that you won’t be able to afford it in a crisis, it is important to find a good, happy medium when it comes to the cost of your premium and the amount of your deductible. Most insurance companies recommend that consumers start out with a deductible of at least $500, but if you can afford to bump that deductible up to $1000 instead, you could save as much as 25% on your Florida homeowner’s insurance policy. This is quite a savings and that money could be put to great use elsewhere.

Buy Policies from the Same Insurer

Since it is likely that you also purchase health and automobile insurance, it will almost certainly save you money when you combine these policies and allow the same insurer to handle them all. Many insurance companies provide some significant discounts to those who choose to combine their policies—or ‘bundle’ them, to use industry terms. If you carry two policies, you can save as much as 20%. Individuals who have three major insurance policies with the same company could save 30% or even more.

Disaster-Proof Your Home

If you find a good insurance company, you can get discounts for doing things that may protect your home from certain disasters. For instance, if you install smoke and carbon monoxide detectors, you will get a small discount. However, if you install a security system that automatically notifies police, fire and rescue services in the event of such emergencies, your discounts could climb substantially. Adding things like storm shutters or even resurfacing your roof could also pay off over the course of a year or two, so be sure to look into these, as well.

Increase Your Credit Score

Although it may not seem like your credit score should have much to do with the amount of money you spend on your Florida homeowner’s insurance policy, it just might. Insurers use all kinds of information to determine the risks involved in insuring you and your home. In order to increase your credit score, you should always pay your bills on time, avoid taking out new lines of credit that are not necessary, and keep all of the balances on your credit cards as low as you possibly can.

Review Your Assets Annually and Make Changes as Needed

When you purchase a Florida homeowner’s insurance policy, you will need to gather information regarding all of your assets and their values. Many things depreciate in value over time, and people often fail to report this depreciation to their insurance companies in order to have their premiums reduced. For instance, if you purchased a mink coat for $7000 in 2007, then chances are that the coat is no longer worth the $7000 you paid for it. Small things like this can make a world of difference in your insurance premiums, so be sure to do this once a year.

Overall, there are plenty of ways for you to save money on your Florida homeowner’s insurance policy. Aside from the ones mentioned here, you should also consider the cost of insurance when purchasing a home by determining whether or not that home is in a flood or earthquake zone. This can cause premiums to skyrocket in some cases