In a Hurry ?
Always check your rates, there are many companies with good ratings in our State. This is a time in our history that the companies want to write home insurance. If your agent does not offer to do an annual review to look over your needs and update the discounts and coverage you should call and ask, then check around. Do not wait until the last minute to do this. Be pro active in controlling your coverage. Just because you were set up with a company when you purchased your home does not mean you should stay with them. At any time, not just renewal, you can change companies and get a refund and have it paid through your escrow account. This can save hundreds of dollars a year.
Bundle or Package your coverage , there are many carriers that give you discounts by placing all of your coverage with one or two carriers. Generally this can save 5-15%. This is true in home, auto, boats, recreational vehicles, umbrellas, and life insurance.
Updates on your home, If you update your home by adding a security system, new electrical, new plumbing, new air conditioning and especially a new roof. These items all give discounts. On a new roof you are entitled with a wind mitigation inspection to receive credits that can be from $200-$1,000. This is huge! The cost for the inspection is generally about a $100. and the inspection is in effect for 5 years. This is a great way to save.
Increase your deductibles, while most homeowners prefer a smaller deductible you may want to reconsider this option. By raising the deductibles you could save 5-10% on the overall cost. Again, saving this money and moving it from a cost into a savings account. You want to insure for the big occurrences and not small ones that can actually raise your cost by having a claim on your record.
Take a good look at Value, the property should be valued at replacement cost, not the purchase price, loan amount or price that you can sell the home for on the market today. Replacement cost does not include the cost of your land. The home insurance only covers the value of the structure and your contents as well as your other structures such as a pool, fence, or shed.
Important note, Your agent should use a tool called a replacement cost estimator to determine the value. Most companies will allow you to cover the home for 95% of the value. You do not want to go lower and fall into a co-insurance situation. Value is one of the most important aspects of insurance.
Here is how to get started saving:
Ways to Save on Home Insurance
Most people today are looking for ways to lower the cost of daily living expenses. We check our phone plans, cable bills, interest rates on credit cards, we may vow to eat at home more and out less, but one of the biggest savings that we often overlook is the savings we can make is in our home insurance cost. We don’t want to leave money on the table in the home insurance premium while we could use that to purchase an umbrella or life insurance policy or simply save for the future.
-Ann Explains six ways you can save BIG on Homeowners Insurance .
Homestead Insurance BLOG
Homestead Insurance Agency
5211 SW 91ST TER, Gainesville FL
(Haile Village Center)
These suggestions apply to homes, condos, rental dwellings, or any form of property insurance. Do your due diligence and take all of the discounts that you qualify for.
I would like to review all of your insurance coverage with you and help you to reduce this cost while making sure you have the correct coverage to protect one of your largest assets. Homestead Insurance only partners with “A” rated carriers and takes pride in assisting our clients as we would our family.
I look forward to hearing from you!