We encourage our clients to save money on their homeowner’s insurance by doing the following:
- “Shop” your homeowner’s insurance regularly with an independent agent who represents several companies. There are new companies writing homeowner’s insurance in Florida now. Rates are slightly more competitive because of lower reinsurance costs.
- Take high deductibles, especially on the wind portion of the policy. Wind deductibles range from 2% to 10% of the value of the home (not the size of the loss). Be sure you can handle the high deductible, though. Your premium cost will be reduced substantially, which can make a real difference over the years. Check your “all-other-perils” deductible as well.
- Be sure you are taking advantage of all the available credits the company offers: central station alarm credits, hurricane shutter credits, gated community credits, and age of home credits. Be sure to have a Wind Mitigation Inspection performed by a reputable inspection company. The discount you may receive on your homeowner’s insurance policy year after year can more than offset the cost of the inspection.
- Be sure the replacement value of your building and contents is accurate. If you have an inflation guard protection endorsement on the policy, these values will increase every year. You may be over-insured.
Just as you go to your doctor or dentist every year for a routine check-up, you may want to have an insurance review of your homeowner’s policy on a regular basis.
Gracey-Backer, Inc., an Insurance Agency in Delray Beach, Florida specializing in all lines of personal insurance, and has since 1925. For a no-obligation quote on homeowners insurance, auto insurance, flood insurance, boat insurance, or umbrella insurance policies, please contact us 561-276-6055 or 800-272-6055 and ask for personal lines. Or you can email us at insurance@gbifl.com.
