You will save hundreds of dollars a year on homeowners insurance by shopping around, and
considering some of these tips.
- Consider a higher deductible. Increasing your deductible by just a few hundred dollars can
make a big difference in your premium.
- .Ask your insurance agent about discounts. You may be able get a lower premium if your
home has safety features such as dead-bolt locks, smoke detectors, an alarm system, storm
shutters or fire retardant roofing material. Persons over 55 years of age or long-term
customers may also be offered discounts.
- Insure your house NOT the land under it. After a disaster, the land is still there. If you don't
subtract the value of the land when deciding how much homeowner's insurance to buy, you
will pay more than you should.
- Buy your home and auto policies from the same insurer. Some companies that sell
homeowners, auto and liability coverage will take 5 to 15 percent off your premium if you buy
two or more policies from them. But make certain this combined price is lower than buying the
different coverages from different companies.
- Get a wind mitigation inspection. This inspection will probably save you 30% of your regular
premium. Normally the inspection costs $150.00 - $250.00, but if you read my inspections
page, you will know how to get it for free.
Please note that Flood insurance is not covered by a standard homowner's policy, and it normally
cost about $350.00 - $450.00 per year. About 95% of Broward County is located on a flood zone,
so be ready. And you will also need to have Windstorm Insurance if you buy east of I-95.
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How To Lower Your Payment For Hazard & Flood Insurance
As you may have imagined, you are going to need hazard and flood insurance for your new home.
This premium will be a part of your monthly payment. The premium will depend on a number of
factors, and within them, will be the company you choose, and the discounts you get.
As one of my clients, I want to make you aware that the difference between one company and
another, could be almost 100% + percent, for the same property.
While Citizens is the most popular insurance company in South Florida, their premium is normally
about 1.2% of the sales price. However, I have access to two companies that will provide the same
coverage for about half of the premium.
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