I am excited to present the next article in my new email campaign series, Business Spotlight! This series is meant to raise awareness for local companies that provide valuable services and information related to home care, financing, and ownership. Today's spotlight is part two from the last one.
Homeowners Insurance: Money Saving Tips
Given the current state of the insurance market and the increasing premiums, you may be wondering if there’s any way to lower your rates; thankfully, there are a few things you might be able to do to make your premiums more reasonable.
1) Home maintenance: Items in your home need to be maintained such as your AC, water heater, and electrical system. Reason being, these aspects can cause claims. Check these items frequently and replace them when needed. Keeping up on home maintenance can keep your premiums low.
2) Hurricane-proof your home: If you don't have hurricane impact glass already, consider installing some to better protect your home from severe damage. Your roof can also play a large role in your home premiums, and whether you can even qualify for any insurance. Your roof’s age and how it is constructed can potentially give you a discount. It may be time to check-in on your roof and consider retrofitting or replacing.
3) Review your plan: Take a look at your coverage and deductible.
Actual cost plans will replace the value of the item at the time of the insurance claim. This is sometimes a much cheaper option in the meantime, but may leave you having to foot part of the bill if you need to replace an item that has since increased in value.
Replacement cost plans, however, would cover you for the cost it takes to replace the item at the time it needs to be replaced. Although more expensive per month, it could save you in the future. If you’re able to pay to replace an item in the future, and would like to save in the meantime, you could look into what coverage your current plan offers.
Deductibles are another place to save money. Lenders won’t allow any deductible over 5% of the coverage. Most policies are for 2%, but if you have the resources for a 5% deductible, you can get a lower premium in most cases. Your agent can provide a comparison.
And remember: your insurance plan is a CATASTROPHE plan, not a maintenance plan. You should file claims when a catastrophe hits; you are responsible for maintaining and repairing your home as it ages. Watch out for those who solicit you to make claims to get a new kitchen. Those frivolous claims will follow you like a driving record and could lead to you getting dropped from coverage. Insurance carriers are NOT obligated to cover you.
Still have questions about rising insuring premiums? Feel free to reach out and connect with Amanda Castorino, a native South Floridian and an Insurance Agent for 19 years.
"Creating a positive and informative insurance buying experience is the goal!"
Stonebridge Insurance Agency LLC.
3541 SW Corporate Parkway, Palm City, FL 34990
Stonebridge Insurance Agency offers solutions in Home Owners, Automobile and Business insurance in the ever-changing South Florida Insurance Market.
Business Spotlight, Bringing local South Florida businesses together.
If you would like to promote your business, call today to speak with Gail!