Many homeowners and in particular home buyers just don’t give a lot of thought to homeowner’s insurance. They know they need it and often just get what is most convenient. But that approach can wind up costing you a lot of money. Depending on the size of your home and the insurance company, the yearly price for insurance can vary by hundreds of dollars. So it can pay handsomely to shop around and deploy certain money-saving strategies. Check out these 5 ways to save money on homeowner’s insurance in Miami.
1. Increase the Deductible
A quick, sure-fire way to save money on your homeowner’s insurance in Miami is simply to increase the deductible. For example, raising the deductible from $500 to $1,000 could save you as much as 20% on your insurance.
Increasing the deductible will certainly allow you to keep more money in your pocket each month instead of paying it out to the insurer. But if you do this, you have to make sure you have enough money saved to cover the bigger out-of-pocket expense in the event you have to make a claim.
2. Make Your Home More Secure and Disaster Resistant
Another way to save money on your homeowner’s insurance is by making your home more secure and disaster-resistant.
When it comes to home security, even seemingly minor, basic things can save some money. For example, installing smoke detectors, deadbolts, and a burglar alarm can get you a 5% discount. And if you want to take it further and install a sprinkler system and monitored fire alarm, you could save as much as 15% to 20%.
If you live in a disaster-prone area where your home is at times in danger from, say, flooding or tornadoes, you can take disaster-mitigating steps to save money on your homeowner’s insurance. Some possibilities here include installing windows with shatterproof glass and shutters and/or reinforcing the roof.
Contact your Miami agent to find out whether your home is located in a disaster-prone area and what you should do. To discover more, just call 706.870.1496.
3. Look Into Special Discounts
You can often save on your homeowner’s insurance in Miami by taking advantage of certain special discounts. You may be able to get a discount on your insurance if . . .
- No smokers live in the home
- The home is a recent purchase
- You opt for paperless, automatic premium payments
- You work in a specific career field such as teaching or firefighting
4. Bundle Homeowners Insurance With Auto Insurance
Bundling is another money-saving option with many insurers. If you bundle your homeowner’s insurance with your auto insurance, you can save anywhere from 5% to 15%. This will, of course, depend on the particular insurance company, but most insurers offer discounts if you buy more than one kind of policy from them.
5. Improve Your Credit Score
A tactic for saving money on homeowners insurance that many people simply aren’t aware of involves improving your credit score. In many states, your credit score can profoundly impact your insurance premiums because a credit-based insurance score is used to determine your rates.
If you have a credit score below, say, 630, you may have to pay higher rates. In that case, you have two options to improve your score and get lower rates:
- Carefully examine your credit report for errors (which are more common than you may think) and have them corrected.
- Get your score up by taking effective steps such as paying bills on time and paying down (or off) your credit card debt.
And Consult Your Miami Agent
These are indeed some effective ways to save money on your homeowner’s insurance in Miami or anywhere else. But there’s even more you can do, and your agent can help you determine the best steps to take in Miami. So if you’re ready to save on your homeowner’s insurance, contact us today at 706.870.1496.