The average house insurance premium in Florida is $1933, which is just over twice the average in the United States overall.  Luckily, there are some signs that Florida rates are becoming more stable, and the Office of Insurance Regulation is pushing back against rate hikes, both good news for homeowners around the state.  Additionally, there are ways to lower your premiums that you may not have considered.
Let’s take a look at what you can do, today, to save money on your Florida house insurance.
Get a wind mitigation inspection. In Florida, there is no denying that wind can do considerable damage to a house, and it certainly drives up insurance premiums. In fact, the wind portion of your house insurance in Florida is typically 15-70 percent of the total insurance cost, varying with your location in the state. A wind mitigation inspection is quick and often results in substantial discounts for houses built with adequate protections, while also pointing out any areas you can improve to save money.
Claim all the discounts you possibly can. There are many discounts available to insurance buyers. For instance – loyalty discounts, multi-policy discounts, and discounts for changes and upgrades you’ve made. Did you install a monitored smoke or fire alarm, or a surveillance camera system? How about upgraded electrical or plumbing, hurricane shutters or a new roof? There are often discounts available that you may not have considered, so it pays to have a review done.
Review your coverage amounts. People can and do purchase too much insurance, so reviewing your coverages can save you money if you find that smaller amounts are enough. Keep in mind that both the house itself and the contents could be over-insured, and review these numbers carefully to decide on the right insurance amount for your situation. Often, reviewing numbers with another agent can help to point out any areas for savings, or deficiencies in coverage.
Make a switch. One savings possibility is switching from “replacement cost”, RC on your policy to “actual cash value”, ACV. ACV pays the market value at the time of loss, rather than what it would cost to rebuild or replace your house or any contents. Again, review this carefully with your agent before adjusting your policy limits.
Check for coverages that are unneccessary. Unfortunately, it is all too common for house insurance policies to include unneeded coverages. We’ve seen policies with coverage for pools or screen enclosures that have no pool or screen enclosure! No need to pay for coverage you do not need.
Raise your deductibles. If you can afford a little greater risk, it can save you considerably. Obviously, the wind coverage is one prime area to look at, and those range from one percent to ten percent of the insured amount on your house, so a reduction in premium is clearly possible by making a change here.
Additionally, look at your “All Other Perils” deductible and review with your agent how much you really need to cover your risks in this area.
Shop around. House insurance in Florida is becoming more competitive again, as more companies are writing insurance within our state. This is fantastic news for homeowners, as competition drives prices down and can save you significantly. Contact us to do the legwork for you!
Deal with a local agent. One of the best ways to save money on your Florida house insurance is to deal with a local insurance agent that understands our market, and is able to offer unique solutions for cost-savings while providing the right types of coverage. Oyer, Macoviak and Associates is that agent, and we’d love to help you scout out the best coverages for your house, while offering friendly service and fair pricing.
Rob Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953.