Did you know? Home insurance costs are actually on the rise, what with increasing and/or stagnant mortgage rates and the prospect of having to protect homes in an increasingly deprecating market. Even the condition of a home’s location can affect its insurance rates, so homeowners who have experienced a changing ‘climate’ in their location may be subject to those ‘so-called’ home insurance rates.
Homes themselves can also affect how much a homeowner pays for a monthly home insurance premium. In a state like Florida, the weather can beat down on a home, changing its exterior to the point of it impacting its insurance policy. Even severe weather can change how an insurance company secures a policy against a home.
Due to parameters like these, it’s up to homeowners themselves to learn how to save money on their home insurance policy. As the seasons change, homeowners should always have options open for an insurance policy that’s both appropriate for their home’s needs and cost effective enough to prevent it from impeding their financial viability.
So, can you, as a homeowner, save enough money on a home insurance policy this fall and winter season? Believe it or not, it’s quite possible for any first time buyer to find an insurance policy that fits the needs of their home.
Home insurance – the facts
Florida is undoubtedly known for its rather extreme weather changes—thunderstorms and lightening, heavy rain showers, tornadoes and hurricanes. The weather, too, affects homes on the coast line just as they affect homes that reside inland. Thanks to this, homeowners without any type of insurance policy on their home is actually doing their home is a disservice for its overall viability.
Home insurance in Florida, according to recent statistics from a 2012 industry study, costs at least $1,000 ($1,068) per year on average. In most cases, however, the costs will vary based on the condition of the home, which can include its age, condition, location and even the materials that was used to construct the home. Older homes are known to be more expensive to insure, let alone remain unable to be insured by a handful of Florida insurance companies.
Even though the average cost of home insurance premiums isn’t as bad as it looks, most Florida homeowners are actually paying more than they should be paying for home insurance. They could be paying as little as $10 more to over $1,000 more than they should. Thanks to that, homeowners should pay as much attention to the best Florida insurance quotes to get a better answer about the costs they should be paying for home insurance.
So, just what type of coverage you’re shopping for? According to information from the Florida Office of Insurance Regulation, a standard homeowner’s insurance policy generally covers your property and any other associated structures like a detached garage. It also provides extra coverage for personal property, loss of use of your property, additional living expenses, medical reimbursements for you and third parties and other optional coverage.
Home insurance ultimately helps protect your home from financial losses in the event that itself and/or its contents are destroyed by several occurrences, which can include severe weather, fire, vandalism or theft.
Home insurance, however, isn’t actually required by law. If you do have a home and it remains uninsured, you’re probably doing it a disservice by not getting insurance coverage. Home insurance protects your investment—and that’s perhaps the main reason why it’s a necessity in the first place!
Save money this winter… by watching your home insurance costs
You might not be able to find discounts for home insurance that are comparable to other forms of insurance, though there’s no reason to stop looking. With the assistance of the best Florida home insurance quotes on the web, finding appropriate home insurance discounts morphs from a difficult endeavor into something that’s easily accomplished.
At the end of the year, you might run into fall and winter season discounts that can benefit your insurance policy. This may come in the form of upgrading or downgrading certain aspects of your policy for your benefit. If you’re shopping for your policy for the first time, you might have better luck finding something inherently discounted—since it’s your first policy, after all.
Here, we’re going to take a look at several tips to help any homeowner find a policy that best fits their needs—and find a discount that will give their budget more room to work.
1. Increase deductible levels. Since homeowner’s insurance isn’t made to cover small occurrences, increasing your deductive to help your policy cover catastrophic events can actually help you save money, since it can directly reduce your premium.
2. Don’t use small claims. Using your home insurance policy to cover every small little thing that occurs can actually indirectly increase your insurance costs. Always rely on your homeowner’s insurance policy to cover big costs, since that’s where it matters the most.
3. Try getting several insurance policies at one provider. You’re more likely to save money on insurance if you get everything from a single insurance provider. Ask your insurance provider about their current insurance products and if getting multiple different policies would help you save money.
4. Buy what you need. You don’t need every coverage option that’s associated with your home insurance policy. Stick with the options and coverage that you need, as it will cut more costs that you think.
5. Home security matters. Just installing a top-of-the-line home alarm system can help your insurance company cut costs on your home insurance policy. You will find a bunch of home security companies with good discounts and pricing opportunities for many of their home security products.
6. Renovate smart. Smart home improvements are those that best fit your home. Not only can these improvements truly increase the value of your home, but your home insurance costs can get lowered thanks to them.
At the end of the year, you should feel like you have to jump through hoops just to save on home insurance. As long as you have a plan, and know where to look, cutting costs on your home insurance policy is a lot easier than it looks.