In our continuing coverage of the property insurance crisis in Florida, we’re taking action for you, finding out ways you can lower your homeowner’s insurance premium.
Many experts have said that homeowners will have to get new roofs in order to reduce their property insurance and keep coverage, but if you own a newer home, or have a new roof already, there are other ways you can save some money.
“I just actually had a client that the wife's credit score was much higher than the husband's and the insurance was $300 less a year,” said Susan Zacharias, Vice President of Meadowbrook Insurance Agency.
Zacharias suggested that first and foremost, homeowners sign up for paperless billing.
Second, if you share a home with another adult, make sure the person with the higher credit score is listed as the primary policyholder.
“Your insurance score is very closely related to your credit history and your claim history and anything that has to do with insurance, so if your significant other has a better credit score than you do, it is worth looking to see if they would be listed for first on your policy,” Zacharias explained.
Safety inside and outside your home can save you money too, which includes burglar and fire alarm systems as well as living in a gated community.
“You can also get a discount for a water leak detection system that's in your home,” she added. “So if there would be a large pressure of water going through your plumbing, and you have a system installed that either stops the water from running altogether or alerts you on your cell phone, that's a discount.”
Zacharias said with discounts stacked, homeowners could save 5 to 10% on their premiums and advised you should get an independent agent who knows which companies offer what.
As hurricane season continues, she also said business owners should make sure hurricane coverage is in your commercial insurance.
In addition, much of the Tampa Bay area is in high-risk flood zones. If you rent your building, make sure you have your own flood insurance because a property owner’s flood insurance doesn’t cover the belongings you have inside.