Homeownership is one of life’s biggest financial investments, and most lenders require that investment to be insured.
However, Florida has some of the nation’s most expensive home insurance policies, so it makes sense for homeowners to shop around to secure the most affordable coverage they can find.
4 Ways To Save Money On Homeowner’s Insurance Premiums
Here are four key strategies to get high-quality homeowner’s insurance at the most competitive prices:
1. Schedule A Professional Home Inspection
You may have scheduled a home inspection before purchasing your home. But, now that it’s been a while, it’s in your best interest to schedule another one to see how your home is standing the test of time.
If you’re in the process of purchasing a home, we recommend scheduling a full home inspection. This goes beyond the insurance carrier’s required 4 point inspection, providing extra information about a home’s systems and structures. If you’ve lived in your home for a while, insurance carriers prefer you schedule a 4 point inspection, which tells them what they need to know about the home’s four key systems: roof, HVAC, electrical, and plumbing.
From that, we can also generate a wind mitigation inspection, which provides carriers with detailed information about your home’s current level of storm protection.
If these don’t yield the desired results, our detailed inspection reports include everything you need to know to begin making essential updates.
2. Keep Up On Routine Home Maintenance
Anything you can do to reduce overall risk and create a safer environment for your home and its contents can help reduce insurance premiums. For example, if your 4 point inspection indicates wiring or plumbing needs to be brought up to code – do it, and you could save as a result.
Or, you may need a new electric panel or a more adequate HVAC system. Any specific safety hazards, like dead trees or limbs overhanging your roof, should be dealt with promptly. Putting up bulwarks to reduce risk of flooding, hard-wiring smoke detectors, and installing a home security system are further examples of potentially premium-reducing home improvements.
Honoring routine maintenance in and around your home, as well as providing proof of that to insurance carriers, can reduce premiums and increase the amount you receive in the event you have to file a claim.
3. Take Advantage Of All Available Discounts
Depending on any improvements you’ve made since moving in, you may qualify for premium credits – or discounts – you may not know about.
Some of the most common insurance or credits from home insurance carriers include:
- Adding or upgrading key home features, including wind mitigation improvements
- Paying your premium on time for a certain length of time
- Using automatic debit features
- Increases in your credit score
- Bundling home insurance with other types of policies (like auto, life, commercial, etc.)
Additionally, homes located near fire hydrants and fire stations may also qualify for lower premiums.
4. Review & Customize Your Policy
If your homeowner’s insurance policy is attached to your loan, it’s easy to forget about it, which could mean you’re paying too much.
Take the time to contact your insurance carrier and review the policy thoroughly. You may find that removing coverage elements you don’t need anymore lowers annual premium prices by a notable amount.
Step One: Schedule a 4 Point Inspection With Super Inspection Pros
Scheduling a 4 point inspection is the first step in reducing home insurance premiums or learning exactly what needs to be done to save up to hundreds of dollars per year on unnecessary premiums.
Super Inspection Pros has helped Central Florida homeowners save on homeowner’s insurance for nearly a decade. Schedule your home inspection and our detailed inspection report will have everything you need to lower premiums ASAP.
