Please take a look at these 9 ways to lower your Boca Raton home insurance costs.
According to Florida Insurance Broker Katrina Lenhart, of Brightway Insurance ([email protected]) the average homeowner in the U.S. pays a little over $800 per year for insurance. Down here in sunny South Florida, we pay a great deal more for our Boca Raton home insurance. Add those dollars to a mortgage, and you’re putting out a nice chunk of change each month.
Using advice from Katrina, this blog will show you a few ways to save some money on the cost of your Boca Raton home insurance.
Car insurance? Homeowners insurance? Life insurance?
When you sign up for your Boca Raton home insurance policy, talk to a broker who company who also handles car insurance, your life insurance. Be sure and ask your insurance broker about special rates or discounts for multiple policy. When you talk to your agent about Boca Raton home insurance, you may also want to discuss a contents policy and an umbrella policy, which provide additonal coverage for both home and automobile.
Don’t be shy about asking for a discount.
Are you a non-smoker? Ask for a life insurance discount. Are you over 55 years old? Ask for a senior discount. Married? Veteran? Retired? You get the idea. The point is, when your broker sells you a Boca Raton home insurance policy, you want to make the very best deal you can for yourself. Ask for every discount that exists; you’ll be surprised how many you may qualify for.
While insurance may be a necessity, it is also an expense that stays with most of us for a lifetime. So try to save as much as possible on policies that give you as much as possible. And speaking of a lifetime, if you’ve been with your insurance company for a long time, ask for a loyalty discount.
Call your insurance broker twice a year. It may save you some money.
Many insurance companies simply count on customer renewals…and too many customers are only happy to oblige them. Every year, when it’s time to renew your Boca Raton home insurance policy, call your agent. Ask if rates have changed or if another company offers a better policy. You may save some money. If you’ve got a really good broker, she is likely to call you at renewal time.
Don’t buy more insurance than you need.
Here’s an easy example. You just paid $300,000 for your new home, so you figure your Boca Raton home insurance policy should ask for a home replacement value of $300,000. However, the replacement cost of your home does not include the land. So you’ll want to ask for a lower sum.
Similarly, you want to insure the contents, but don’t overestimate the value of your possessions. Discuss both these items with your agent. She may surprise you with some savings.
Higher deductible equals lower payments.
There, we’ve said it. Ask for a higher deductible on your policy. Yes, if you make a claim you’ll pay a bit more out of pocket. However, consider how often claims are actually made. Think about how many years you’ll be paying insurance premiums. Then make your choice.
Think before you make a claim.
If you make a claim on your Boca Raton home insurance, make sure it’s for something substantially more than your deductible. Even though your company will reimburse you, they will also look at you as a greater risk for the future. That means that your rates will rise for the next few years.
So by all means make insurance claims when they’re necessary, but make sure it’s worth the future increase before you do.
Get an alarm. Get a discount.
You want to make your Boca home as secure as possible for your own comfort. That comfort probably includes an alarm. Well, guess what? That alarm makes your insurance company more comfortable, too. And that could mean a slightly lower premium.
You may also want to consider adding shutters or impact windows to your home in Boca if you don’t have them already. That will further protect your home and lower the cost of your Boca Raton home insurance.
Cut a hole in your ceiling. Cut your insurance cost.
All too often, when buyers check out a home before the purchase, the inspectors are not able to see into corners where the roof is attached because there isn’t enough room. The homeowner is not going to allow them to make a hole in the ceiling. After all, if the buyers don’t purchase, who pays for the repairs? So you may end up paying the highest possible rates for your wind insurance.
So, after you purchase, call back the inspectors and let them make a hole in the ceiling. This way they will have access to all the corners under the roof and they will be able to check to see how securely the roof is fastened to the rest of the home.
If it’s not fastened to the latest standards, there are companies that can alleviate this, which may save you several hundred dollars per year on your insurance cost. This saving is well worth the cost of repairing that hole in the plasterboard ceiling.
Don’t call an insurance company. Call an insurance broker.
One company means one policy and one set of prices. A knowledgeable broker, however, may have dozens of companies from which to choose. That means you’ll have the opportunity to find the policies and premiums that make the most sense for you and save you the most money on your Boca Raton home insurance.
Marc Jablon, the Jablon Team
Re/Max Complete Solutions