Florida Homeowners Insurance – How to Save on Monthly Premiums

During this economic downturn, many states are experiencing a housing crisis.  Even during times of strong economies, there are useful tips you can utilize to decrease your Florida homeowners insurance payments each month.  The first tip is to increase your deductible.  Truly, your premium can be cut in half if you use high deductibles for wind, water and other possible disasters.  This may make you wary because if damage does occur, you will not have as much coverage with a higher deductible.  However, your policy will be good in catastrophic circumstances, and consider the fact that if a hurricane hits your Florida home, the damage is bound to be catastrophic anyway.

Next, change your policy from replacement value to actual cash value.  Replacement value will equip you with far more compensation in the event that your property is damaged or stolen, but this will result in a much higher premium.  Actual cash value takes depreciation into account while replacement value will replace your compromised possession with a product that is equal to its appearance and function on today’s market.  The change from replacement value to actual cash value is a gamble, but during a housing crisis, keeping your Florida homeowners insurance premiums down is very important.

A subsequent tip is to find out if you are over-insured.  An insurance company may overvalue your home, forcing the premium up.  When you hear an estimate that your home is worth $600,000, your pride may want you to keep it that way rather than using a second appraisal that determines a more accurate value to be closer to $500,000.  However, if you set your haughty perceptions aside, you could save yourself money on your monthly premium.  Remember, if you choose to have your home appraised, the land will be taken into account for the entire value of your property, so subtract that when determining how much a Florida homeowners insurance company will charge you.

The last piece of advice to keep your Florida homeowners insurance premiums at a more reasonable level is to have an insurance inspector come and certify the safety of your home.  The inspector will be able to verify that your roof is up to code, that your property is not hazardous and may even give you a discount for having plywood shutters.  If you are a citizen of Florida, now is the time to see how you can save on your homeowners insurance premiums.