Some Tips for Keeping Homeowners Insurance Costs Down
Posted by Benjamin Dona on Thursday, December 2nd, 2010 at 7:29pm.
Since almost everyone is feeling the pinch under the current economic climate, here are a few tips for buyers of Florida real estate to save on their homeowner's insurance premium costs.
By taking these few simple steps, you might just wind up saving yourself more premium dollars than you might think.
- Shop around and get a few quotes. On any given day, some insurers are aggressively pursuing new customers while others are not. By shopping around, you can sometimes find a much better deal on your premium costs.
- For older homes (pre-2006), get a Wind Mitigation Inspection report done. Depending upon what measures are in place in the home, you can typically lower your wind insurance costs substantially.
- Check your personal credit report. Homeowner's insurance companies check credit histories similar to how lenders do for mortgages. If you find some problems, try to address the issues before you apply for new coverage.
- Avoid filing claims for minor repair items that you can afford to pay for out of pocket. Filing a claim for every minor item can increase premiums over time by 10%-15%.
- Select the highest deductible you can reasonably afford. The difference in premium cost for a lower deductible can be eye opening to say the least.
- Be sure to evaluate the policies coverage amounts. Sometimes things you might miss in the fine print can cost you dearly in the long run.
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