So, how do you get the cheapest home insurance in Florida?
Maintain a security system and alarms: A burglar alarm monitored by a central station or tied directly to a local police station will help lower the homeowner's annual premiums, perhaps by 5% or more. In order to obtain the discount, the florida homeowner must typically provide proof of central monitoring in the form of a bill or a contract to the insurance company.
Smoke alarms are another biggie. While standard in most modern houses, installing them in older homes can save the homeowner 10% or more in annual premiums. CO2 detectors, dead-bolt locks, sprinkler systems and in some cases even weatherproofing can also help.
Raise your deductible: Like health insurance or car insurance, the higher the deductible the homeowner chooses, the lower the annual premiums. However, the problem with selecting a high deductible is smaller claims/problems such as broken windows or damaged sheetrock from a leaky pipe, which typically will cost only a few hundred dollars to fix, will most likely be absorbed by the homeowner.
Look for multiple policy discounts: Many insurance companies in Florida give a discount of 10% or more to customers who maintain other insurance contracts under the same roof (such as auto or health insurance). Consider obtaining a quote for other types of insurance from the same company that provides your homeowner's insurance. You may end up saving on two premiums on your florida home insurance.
Plan ahead for construction: If the homeowner plans to build an addition to the home or another structure adjacent to the home, he or she should consider the materials that will be used. Typically, wood-framed structures (because they are highly flammable) will cost more to insure. Conversely, cement- or steel-framed structures will cost less because it is less likely to succumb to fire or adverse weather conditions.
Another thing most florida homeowners should, but often don't, consider is the insurance costs associated with building a swimming pool. In fact, items such as pools and/or other potentially injurious devices (like trampolines) can drive annual florida homeowner's insurance costs up by 10% or more.
Pay off your mortgage: Obviously this is easier said than done, but homeowners that own their residences outright will most likely see their premiums drop. Why? The insurance company figures if a place is 100% yours, you'll take better care of it.
Make regular policy reviews and comparisons: Even the best Florida home insurances rates are climbing yearly. No matter what initial price you're quoted, you'll want to do a little comparison shopping, including checking for group coverage options through credit or trade unions, employers, or association memberships. And even after purchasing a policy, investors should, at least once per year, compare the costs of other insurance policies to their own. In addition, they should review their existing policy and make note of any changes that might have occurred that could lower their premiums. For example, perhaps you have disassembled the trampoline, paid off the mortgage, installed a burglar alarm or installed a sophisticated sprinkler system. If this is the case, simply notifying the insurance company of the change(s) and providing proof in the form of pictures and/or receipts could significantly lower insurance premiums. “Some companies have credits for complete upgrades to plumbing, electric, heat and roof,” says Van Jura.
Loyalty often pays, too. The longer you stay with some companies, the lower your premium can become, or the lower your deductible will be.
To know if you have enough coverage to replace your possessions, make periodic assessments of your most valuable items, too. According to John Bodrozic, co-founder of HomeZada.com, “Many consumers are under-insured with the contents portion of their policy, because they have not done a home inventory and added the total value to compare with what the policy is covering.”
Look for changes in the neighborhood that could reduce rates as well. For example, the installation of a fire hydrant within 100 feet of the home, or the erection of a fire substation within close proximity to the property may lower premiums.
So, how do you find the best home insurance in Florida? Do your research!
insurancequotesinflorida.com has a free online homeowners quote tool for you to compare and get the cheapest homeowners insurance for your Florida home.