Some tips for saving money amid jumps in home insurance costs

As much as people can take comfort in the fact knowing that their home — their most important asset — is covered by a comprehensive insurance policy, there’s no denying that this comfort comes at price. In fact, all indications are that this price is going to become even steeper in the coming months — if it hasn’t already.

If you don’t believe it, consider that as many as 16 insurance companies have secured approval from state officials for widespread rate hikes, while another nine have submitted requests for rate hikes to start at the end of November.

Given the fact that so many homeowners — especially in South Florida — will be facing rate increases, questions naturally arise as to what, if anything, they can do to minimize the impact on their pocketbook and/or make the most of their existing coverage.

According to experts, some rather effective steps include:  

• Familiarizing yourself with your policy: Review declarations pages and insurance applications to ensure that the all of the information is accurate, and accounts for any improvements or upgrades, particularly as they relate to storm preparation.
• Talk things over with an independent agent: An independent agent can provide insight into the offerings from different companies, inform you of any possible red flags for coverage (i.e., managed repair programs) and draw on significant experience.
• Ensure you’re maximizing savings: Things like bundling (i.e., combining home, auto and other insurance), discounts (i.e., central security systems, home upgrades) and simple improvements (i.e., storm shutters on all windows) can equal major savings.
• Look into mitigation inspections: Have a mitigation inspector look for any overlooked home features that may qualify you for an insurance discount and provide a report for the insurance company documenting these features.

Experts indicate that while it’s wise to consider these steps, it’s also important for people to avoid taking steps that could prove problematic in the unfortunate event of a disaster, such as leaving themselves with too little coverage or insurmountable deductibles.

Consider speaking with an experienced legal professional if you have questions or concerns relating to any insurance law matter, such as denied or delayed payments under a homeowners’ policy.

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