How to lower your Florida Homeowners Insurance costs

If you’ve just received your Florida Home Insurance renewal policy in the mail, the premium has probably increased.  This is due to many factors that are out of your control such as insurance carrier reinsurance, increased litigation and fraud, etc.  However, there are some factors that are within your control and they are detailed for your review and consideration.

The goal is to make sure your insurance coverage is evaluated before a claim.  Cost is only one of the considerations.  (See our Blog about What to consider when purchasing Florida Home Insurance coverage)

Review your risk tolerance.

  
If you have a claim, how much can you afford?  It is recommended that you increase your deductible if you are able to retain more risk.  This will result in a savings and will vary based upon your chosen deductible.  Multiple smaller claims with a small deductible will increase frequency of claim activity and many insurance carriers will not write coverage with multiple claims.  Each insurance carrier is different.

Review any updates to your roof, heating and air conditioning system, plumbing including hot water heater and electrical systems.  Please advise your insurance agent of any updates.

Review your coverages with your insurance agent.

The biggest way to impact your cost of insurance is to prevent a claim.

Risk Management involves identification, evaluation, and mitigation to constantly monitor your exposure to loss.    On a regular basis, take a walk around your property and identify any hazards that may result in a claim.  Evaluate the risk to determine the likelihood there could be a problem.  Mitigate the hazard to either remove the exposure or mitigate the potential for loss.   An example would be an uneven surface on your driveway.   Evaluating the risk would include establishing whether it is an area that is more accessible to guests or just the homeowner.   If guests would use the driveway, what steps are necessary to mitigate the potential for injury?   Shaving the concrete to make the concrete a level surface, re-surface the impacted area, etc.   Immediately, place something at the location to identify the hazard so it is noticed.  Caution tape, orange cone, etc.

Evaluate the trees around your house.   If there are any dead trees on your property they should be removed.   It is always best to contact a certified arborist to evaluate the condition of your trees or the trees on your neighbor’s property.

Shopping your insurance is another opportunity for you to improve your insurance program and possibly save on your premium.   Contact your independent insurance agent, Pichard Insurance Agency, for assistance.

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