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Originally Posted On: https://www.rpsmetalroofing.com/5-ways-to-lower-home-insurance-in-florida/
Ways to Lower Home Insurance in Florida
Having home insurance is an essential part of protecting your investment. Alas, the benefits of having it aren’t always instantly recognizable. If all you’re seeing is a huge chunk of money leaving your bank account each month, then you’ll likely have a love/hate relationship with your insurance policy. After all, while you’ll be happy you have it when you need it, it can be a bit painful having to spend a lot of cash.
There’s no way to completely avoid the cost of insurance. But lower home insurance in Florida? That’s very much possible. In this post, we’ll look at some effective ways to lower home insurance in Florida — and the best news? Many of our suggestions will also help to generally improve your property, too.
Add a Metal Roof
The roof is paramount to the overall structural integrity of the property. And that’s especially true in Florida, a state that can receive severe inclement weather.
You can increase the chances of having a lower insurance bill by installing a metal roof on your property. Depending on the insurance provider, this may help to reduce the cost directly. You’ll also likely benefit from the savings you can make by not having to make a claim on your insurance policy; metal roofs are more durable than those made of other materials, which means they’re less likely to sustain damage that would result in a claim.
Raise Your Deductible
Raising your deductible is a tried and tested way to lower home insurance in Florida. Your insurer will be much more willing to lower the cost of your home insurance if you take out a high-deductible plan.
Note that while this is a good way to reduce the overall cost of your home insurance policy, it’s important to be mindful of the potential impact of raising your deductible. For example, you might like the thought of having an extremely affordable home insurance policy, but if you have to pay $5,000 out of pocket when you make a big claim, then you might find yourself in financial difficulty.
With that said, if your home is in good condition and you can manage the cost of your deductible just fine, then there’s no reason not to.
Ask For a Discount
If you don’t ask, you won’t get it. If you’re not happy with the cost you’ve been quoted for a home insurance policy, then ask the insurer directly if there are any discounts available.
Some insurers will provide a small discount if your account is managed electronically (that also means no mail in your letterbox — another bonus!). Your insurer may also offer recommendations about improvements you can make to your property that will allow them to reduce the cost. For example, they may provide a discount if you install a high-grade security system — you may still need to pay for the improvement, but at least you’ll be adding value to your home, rather than simply handing the money over to an insurance company!
Be Mindful of the Surrounding Vegetation
Most homeowners don’t have too much problem paying for their home insurance policy initially. The problem arises when they have to make a claim. That can increase the cost of their policy significantly, making it much more difficult to bear the cost of protecting the home.
You can’t always prevent unfortunate events from happening that result in your having to make a claim. However, you can reduce the likelihood. Anyone looking to lower home insurance in Florida should be especially mindful of any trees on the edge of their homes. It can be beneficial to trim those trees regularly, since the bigger they grow, the harder they’ll fall on your property — and the more damage they will produce.
It can also be worth cutting down trees that surround your home. While you might think the tree is beautiful, it might cause a lot of destruction if it falls during the stormy season.
Keep Your Home Well-Maintained
Small-scale damage to your property is unwelcome but hardly catastrophic. Large-scale damage to your property can result in big-money insurance claims that will essentially mark the end of ever being able to get cheap home insurance in Florida ever again. Taking the time to invest in your home’s maintenance, therefore, can have a big impact on how much you spend on home insurance over the course of your lifetime.
Work With an Insurance Agent
In some cases, it can be worthwhile working with an insurance agent. This is usually best if you have an extremely valuable home, or if you simply don’t have the time to work through all of the insurance options available to you.
There are many insurance agents operating in Florida. They’ll work on your behalf to find an insurance policy that offers extensive coverage for your property at the best possible price. Be sure to conduct some research before agreeing to work with an insurance agent — as with all things, some overpromise and underdeliver, but there are plenty of great agents out there too.
Moving? Choose The Right Place
You’ll need to take out a new home insurance policy when you move property. If you’re planning on moving and have a lot of flexibility, then why not move to a part of Florida where home insurance policies are generally lower? For example, properties in the inner part of Florida are generally less at risk from hurricanes, floods, and other environmental disasters, which means they’re cheaper to insure.
It’s also recommended to pay attention to the year that the property was built. Florida updated its building regulation codes in 2001, which meant that properties built after that year are better protected against storms. As such, homes built before that year are generally more expensive to insure.
We’re not saying that the cost of home insurance should be the most influential factor when deciding where to move, but it’s something that’s worth considering!
Boost Your Credit Score
We all know that your credit score is important — it has an impact on many different aspects of your life, and yes, that includes how much you end up paying for your home insurance in Florida!
Insurance companies pay attention to a potential customer’s credit score. The higher it is, the less likely it is that they’ll make a claim, resulting in a cheaper policy. You can boost your credit score by maintaining positive financial habits, though you should also inspect your score from time to time to make sure that all the information contained in it is correct.
Be Mindful of Making Claims
You’ll have taken out home insurance so that you’re covered if something goes wrong. However, that doesn’t mean that you should make a claim every time something happens to your property. If the cost of fixing the issue is low, then it’ll probably be best to simply do it yourself, without getting your insurance company involved.
Making multiple claims, even low-value claims, will make you appear to be a higher risk for insurers, who will then only offer you insurance policies at inflated prices. If you’re looking at thousands of dollars worth of damage, then yes, make a claim, but if the issue is something that could be resolved by throwing $200 at it, then do that instead — it’ll be worth it in the long run!
Shop Around
Finally, remember that you’ll have more than one option when it comes to the insurer you work with to obtain a home insurance policy. If you’ve been quoted a price that seems excessive, then don’t be afraid to pursue other options — just by making a few phone calls, you may be able to dramatically reduce the cost of your policy.
This is especially true when you’re renewing your policy. Many home insurance companies believe that customers will automatically renew since switching to a new insurer requires work. Simply telling your insurance company that you won’t be renewing is enough to make them offer a discount — they’d rather keep you on board than lose you to one of their competitors!
Tired of paying too much for your home insurance in Florida? We hear you. Insurance costs have been rising for a while now, and it’s understandable that many people are looking for ways to lower home insurance in Florida. The tips we’ve mentioned above should help to reduce the cost of your home insurance, or at the very least prevent the cost from spiraling out of control.
