Your home is a valuable investment, and you want to make sure that you are getting enough coverage to protect it from disasters. However, you don't want to spend too much money on your homeowner's insurance coverage. Follow these tips in order to save money on our Florida homeowner's insurance.
The rate that insurance companies charge varies greatly. Each insurance company has their own formulas for deciding upon the rate that they choose, and each insurer has different criteria for charging its customers. A recent study was conducted comparing rates on a $300,000 residence in Miami-Dade County. The premiums ranged from $1,360 to $6,865. As you can see, it really pays to shop around.
There are some measures that you can take to protect your house against hurricanes. Since a hurricane is the most destructive force that faces Florida landowners, it only makes sense to take steps to secure your dwelling from hurricanes. Shutter protection for the windows in our house, improving the shingles on your roof, and other hurricane protection measures can get you a discount on your home insurance coverage. Check with your insurer (or perspective insurer) to see how to take advantage of these discounts.
Most home insurance policies have a 2% deductible for hurricane-related damage. You're probably not going to be able to get around it, so you might want to set some money aside to take care of it, in case you actually need to make a claim. Once you have money set aside, you might want to consider raising your deductible. Higher deductibles mean lower payments.
Whether you like it or not, your credit rating affects your homeowner's insurance coverage. If you have bad credit, you may be paying too much. Concentrate on making all of your payments on time. Late payments, especially recent late payments, can put a large dent in your credit score. Another thing you can do is pay down your credit card debt. If you are close to the maximum amount on your credit limit, that will negatively affect your financial history. Also, check for mistakes on your credit report. If someone steals your identity and defaults on credit cards, the credit reporting agency accidently puts someone else's information on your report, or a creditor forgets to note that you paid off an account, your credit can be adversely affected.
Not only are discounts available to people who protect their houses against hurricanes, there also might be discounts for installing smoke detectors, dead-bolt locks, sprinkler systems, or burglar alarms. Not all insurance companies give the same discounts for the same protection measures, so check with your insurance money to see which discounts they might offer.