These top 10 ways to save on Florida homeowners insurance are especially important in 2023. The price is more than doubling for many people around Jacksonville and throughout Northeast Florida. This is a serious problem for many people and even putting homeownership at risk for the hardest hit families. We don’t believe this is fair and are trying to help our neighbors save money every way possible.
Saving money on homeowners insurance in Florida can be achieved through various strategies. Here are some tips to help you reduce your homeowners insurance costs (Number 10 is very easy and gets big discounts):
- Shop Around: Obtain quotes from multiple insurance companies to compare coverage and prices. Each insurer has its own pricing and discounts, so getting multiple quotes allows you to find the best deal.
- Increase Your Deductible: A deductible is the amount you pay out of pocket before your insurance coverage kicks in. By choosing a higher deductible, you can lower your premium. However, make sure you can afford to pay the deductible in the event of a claim.
- Bundle Your Policies: Many insurance companies offer discounts if you bundle your homeowners insurance with other policies, such as auto insurance. Combining multiple policies with one insurer can lead to savings.
- Improve Home Security: Enhancing your home’s security features, such as installing a burglar alarm, smoke detectors, deadbolt locks, or a sprinkler system, can reduce the risk of theft, fire, or water damage. Insurers often provide discounts for these safety measures.
- Maintain A Good Credit Score: Insurance companies often consider credit scores when determining premiums. Maintaining a good credit score can help you secure lower rates.
- Avoid Filing Small Claims: Frequent claims can result in higher premiums. If the damage or loss is minimal, consider paying for repairs yourself instead of filing a claim. Reserve insurance claims for significant losses.
- Review Your Coverage Regularly: As your circumstances change, review your coverage to ensure it aligns with your needs. You may find that you’re overinsured or paying for coverage you no longer require.
- Seek Available Discounts: Inquire about any available discounts offered by insurance companies. These may include discounts for retirees, non-smokers, installing impact-resistant windows, or having a home in a gated community.
- Maintain Your Home: Regular maintenance, such as roof repairs, electrical updates, and plumbing maintenance, can prevent potential claims and demonstrate to insurers that you take care of your property, potentially leading to lower premiums.
- Have A Current Wind MItigation Report: Florida is prone to hurricanes and windstorms.
Insurance companies offer discounts based upon the various wind mitigation construction features a home has. A wind mitigation inspection generally costs between $125-$200 yet it can save you literally thousands of dollars annually. With such a big return on investment, having a wind mitigation inspection is a no brainer for substantial savings.
At Hanna Home Services we are licensed by the state to provide Wind Mitigation Inspections as well as insurance required Four Point Inspections. We provide these inspections for $125 each or get both for $200. Schedule your inspections with us and we will deliver your reports on the same day as your inspection.
Remember, while it’s important to save money on homeowners insurance, it’s equally vital to ensure that you have adequate coverage for your needs. Balance cost savings with appropriate coverage levels to protect your home and possessions.