Now that we’ve turned the page on the calendar, many of us are jumpstarting 2015 by making New Year’s resolutions with the goal of improving our lives. Regardless of whether you’ll be able to stick to your resolutions beyond Valentine’s Day, a quick and easy way to help with your 2015 goal of saving more money is to review your homeowners insurance policy. Here are a few useful tips to consider when trying to determine if you’re getting the most bang for your Florida homeowners insurance buck.
Check Your Deductible
A deductible is the amount of money you must pay toward a loss before your insurance company starts paying for the claim. To lower your premium and save money, you can raise your deductible – but this also means that you will have to pay a greater amount of out-of-pocket expense in the case of a loss. Before raising or lowering your deductible, make sure you carefully determine which option will truly be beneficial for your budget.
Check Your Content Coverage
Many insurance companies automatically calculate your content coverage based on the amount of coverage you have on your home, so you could be overpaying or underpaying for this coverage. Make sure you’re only paying for the coverage you need by making a home inventory list and calculating the value of your contents, so that you can adjust your policy if necessary.
Market Value Versus Rebuilding Cost
It’s important to know that your home’s real estate value isn’t necessarily the same amount that it would cost to rebuild your home. The real estate value of a house is based on economic/social trends, proximity of the home to school districts, and the condition of the home, among other factors that define the worth of the home for buying and selling purposes. Make sure that your home is insured based on the amount it would cost to rebuild it (Tweet This Tip). Your insurance agent can help you estimate this cost.
Review Your Policy For Discounts
Your insurance company might offer discounts that can help lower your homeowner insurance premium. Consider adding “home improvements” to your list of New Year’s resolutions to help make your home eligible for some of these discounts. This is a resolution that will not only ultimately benefit your wallet, but it will also help make your home a safer place to live.
For example, Security First Insurance Company offers the following discounts to home insurance policies:
- Age of Construction
- Policyholders 55+
- Indoor Sprinkler System
- Central Fire Alarm
- Secured Community
- Wind Resistant Home Features
- Roof Shape
- Central Burglar Alarm
You want to make sure you’re getting the “bang for your buck” as the saying says. Just because something is cheaper doesn’t mean that it’ll be of a greater quality and vice versa. This also applies to homeowner insurance. Compare your insurance company with others out there and check to see if you’re receiving the benefits you’re paying for.
Some features to look for are:
- Financial stability of the company
- Convenience (How easy is it to report a claim or make a payment?)
- Innovation (Is the insurance company offering tools that will make the process easier?)
- Exceptional service
Review Your Policy With Your Agent
Your agent is a great resource to help answer your insurance coverage questions and ensure that you’re receiving every discount you’re eligible for. They can also help you find an insurance company that best suits you and your needs.
Good luck in accomplishing your resolutions for 2015, hopefully the tips above will help you achieve your financial goals! If you have any other helpful money saving tips, please share them in the comments section below.
Related Post: Update Your Contents Coverage
Also: Get an instant quote to make sure you have the Florida home insurance you need.