How to Lower Your Florida Home Insurance Premiums

As a homeowner in Florida, you’re likely aware of the importance of insurance. In addition to providing essential financial protection from various threats, such as fires, lightning and burglaries, certain parties, such as mortgage lenders, may even require these policies. However, while home insurance can be considered an essential expense, it may also represent a significant monthly bill. That’s why it may be advantageous to explore ways to reduce your rates while maintaining appropriate coverage.

Ways to Reduce Home Insurance Rates

When shopping for a home insurance policy or reassessing your coverage upon renewal, you may be able to take steps to optimize the cost-effectiveness of your premiums. Consider the following strategies:

• Bundling—Many insurance carriers may offer lower rates if you purchase homeowners coverage alongside other policies, such as auto and life insurance.

• Fortification—Florida homes may be subject to many risks, such as floods and hurricanes. Consider enhancing the stability of your property, such as installing storm shutters or reinforcing its roof, as these steps could lead to lower premiums.

• Increased security—If criminals target your home, the resulting losses could be significant, and insurers must account for these concerns. You can lower your perceived risk levels by installing surveillance cameras, deadbolt locks and other security measures.

• Credit score improvement—Insurance companies often consider your credit score when quoting rates for coverage. Keep up with your bills, avoid significant balances and diversify your credit portfolio to potentially achieve better home insurance costs.

• Coverage adjustments—Changing your policy, such as increasing its deductible, may help limit your premiums. However, taking this step will mean you’ll have to pay more out of pocket in the event of a covered incident.

We’re Here to Help

Contact Lakewood Financial in Bradenton, Florida, today to learn more about homeowners insurance and how you can optimize your rates.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.