Coastal scenery and warm weather attract people to Florida, but homeowners in the state pay the highest insurance rates in the country. One of the reasons is the region is prone to regular hurricanes, which can cause massive damage. Here’s a look at different ways to lower homeowners insurance costs in Florida.
- Install a Fortified Roof
In order to offer the best protection against hurricanes, Florida homeowners can enroll in a FORTIFIED Home Program through Insurance Institute for Business and Home Safety (IBHS). You can lower your insurance cost in Florida by reducing your risks of hurricane damage with a FORTIFIED roof. This type of roof integrates the walls, flooring, and foundation into one system. The cost of installing an IBHS FORTIFIED system to protect against hurricanes and high winds is about $10,000.
- Make Your Home More Wind Resistant
Insurance providers in Florida generally offer credits to homeowners who invest in making their homes more wind-resistant. You can submit a windstorm mitigation inspection to your insurer to lower your insurance costs. The inspection will alert you on areas of your home that need improvement in protecting against severe weather.
- Increase Your Deductible
Your deductible is like the reverse of your premium in the sense that raising your deductible lowers your premium. You’ll pay less every month but more upfront when you file a claim. Study your risks and determine how to balance these costs in a way that fits your budget. If you have plenty of savings in the bank, you may not have to worry about a high deductible.
- Choose Private Over Government Insurance
Only turn to a government-run insurance program as a last resort. A private home insurer usually provides better quality and personalized coverage at a lower rate. The same is true with flood insurance. There are various ways a private insurer has more flexibility in reducing your costs, such as bundling various insurance plans together.
- Inquire About Discounts
Even though insurance companies typically don’t advertise discounts, they may still offer them if you ask. Their goal is to make as much profit as possible, but sometimes offering discounts creates a chain reaction of buying through word of mouth. Some insurers give automatic discounts just for signing up. Other factors that affect insurance rates are your age, credit history, and where you live.
Lowering your insurance cost in Florida is possible if you ask your insurance provider the right questions. Contact us here at Locke Insurance Group to learn more about how we can help you find the best homeowners insurance rates in Florida.