Avoid Filing Claims- Specifically if it is less than your deductible. Claims are reported to CLUE (Comprehensive Loss Underwriting Exchange) in some instances even if you do not choose to move forward with the claim, example suppose you had water damage from an AC or pipe burst, you filed a claim and the insurer determined the cost to repair or replace was $2000 and you had a $2500 deductible even though the company did not pay the claim and instead you covered the cost, this claim could still go on the exchange and prevent you from qualifying for the most affordable rate or company. Check yours online and make sure there are not any claims showing if you did not file one.
Consider Your Credit Rating- While not all carriers review credit increasingly more are using credit factors to determine the likelihood an insured might file a claim or even a fraudulent claim.
Manage Your Policy Premium Optional Coverage’s
Although we don't advocate lowering all your coverages and raising all deductibles these are practicle areas to review with your agent to determine the best options for you and your home
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Raise your deductibles options are: $500, $1000, $2500,$5000
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Choosing depreciated personal property over full replacement
Removing optional sinkhole coverage
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Lower Other Structures Coverage- Detached garage, Fencing , Pool Cages, Pools This is standard at 10% of Dwelling coverage adjustments that affect your premium can be made from 10%,5%,2% or excluded altogether.
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Lower Personal Property coverage Everything not attached you own- Appliances, Furnishings Standard is 50% of the dwelling amount Some carriers allow you to decrease anywhere from 45% to minimum of 25%
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Lower Owners Liability Coverage- Can be adjusted either $100,000 or $300,000
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Lower Medical payments to others- Optional $2000, $3000, $4000,$5000
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Raise Hurricane Deductible- flat $500, 2%, 5,%,10% , or Excluded coverage
Review Discounts with your Agent
Ask your agent about discounts up front, some companies don’t offer them or have discontinued them. Discounts can be applied for the following:
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Protective Devices- Monitored Fire alarm, Burglar alarm, Gated community, guard gated community
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Age of home- all homes built in 2002 or newer will receive a 68% new home discount on the hurricane-wind portion of your premium.
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Wind Mitigation Credits- insurance companies are requiredHomes built after 2001 are automatically given the wind mitigation discount due to building code requirements however homes built prior to 2001 which have added a new roof after 2001 can provide a wind mitigation inspection from the roofing contractor or order a "Uniform Mitigation Verification Inspection" form (1802 form) about $90-$150 the saving can make a big difference in your homeowners annual premium depending on several factors. by law to offer Windstorm Loss Mitigation discounts to homeowners that qualify. WLM is the act of minimizing the amount of loss that is caused by wind damage to your home.
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Roof Type- HIP roof credit provides a substantial credit for the roof elevation type. The roof must not include more than 50% of any other type of elevationon any one side.
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Multi-Policy discounts- offer your auto to your agent to see if you can get a joint policy discount
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Retired homeowner- over 55 discount
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Home Improvements- Updates can result in home improvement credits when they apply to the roof, electrical or plumbing.
Shop Carriers or Have Your Agent Shop for You
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Use an Independent who has access to many carrier and let them do the shopping for you
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Ask your agent for an annual review each year to determine any changes or rate options
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Stay abreast of current rate hikes and what carriers are filing for them here are a few recent ones:
Allstate- Castle Key Insurance- Castle Key Indemnity has filed for average 17.9%
State Farm- was granted a 14.8 % increase
Royal Palm- 21.7%
Citizens- 8.4%
