Home Insurance premiums are shooting through the roof for all of us! Some of you have been dropped by companies leaving the state of Florida -- forcing you to find new insurance. Others have said your premiums have more than doubled. The good news: the experts at Consumer Reports say there are ways to find some savings.
With homeowners’ insurance premiums expected to rise faster than inflation, Consumer Reports says yes, you should look at new options.
“You do get a loyalty benefit for sticking around with companies, but it’s not as great as the benefit from getting an overall lower price from shopping around,” said Tobie Stanger with Consumer Reports.
Two insurers have consistently landed in the top tier of Consumer Reports’ ratings: Amica and USAA.
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Bundling your insurance is also important. Stanger says it’s one of the best ways to get a big discount. That means buying your homeowners and auto coverage from the same company, which can save you up to 30 percent. Think about extra items to bundle as well, like coverage for a boat or motorcycle.
Raise your deductible as well. For example, moving to a $1,000 deductible from a $500 one can shave your premium by 25 percent. Stanger says while a low deductible could save money if you have a claim, odds are you won’t have one anytime soon.
If you live in a fire-prone area, even cutting back dry brush around your home and outbuildings could generate a credit on your bill.
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Make sure to report home improvements to your insurance company. Anytime you do things like replace old plumbing, add security cameras, or install gas or water-leak detectors, let your agent know. You may be able to trim off 2 to 6 percent with each additional item.
You can also lower your home insurance premium by getting a wind mitigation inspection by a licensed Florida inspector. Essentially, it determines the storm readiness of your home, and it can mean a big discount on your insurance premium.
You may be able to get a free inspection. Learn more about the My Safe Florida Home Program recently passed by Florida lawmakers to help you save money while strengthening your home against storms.
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