10 Tips for Getting the Best Homeowners Insurance Coverage


Shopping for homeowners insurance in Florida can be intimidating, especially if you have never done it before. If you are buying your first home, you will need to research your insurance options and understand exactly what is covered by your policy. You can use the following 10 tips to get the best homeowner’ insurance coverage for your dollar when insuring your Florida home.

#1 – Look into Bundling Policies

If you own a car and a home, you may be able to save money on both policies by moving them to the same company. Start by calling the companies that insure your car and your home and asking if they offer a discount for bundling.

If a bundling discount is available, get car and homeowners insurance quotes from each company and choose the coverage that gives you the best price. Be sure the coverage and liability limits are the same for each quote so you are comparing apples to apples.

#2 – Know What is Covered

Homeowners insurance typically covers the main dwelling and any other structures on the property, i.e. garages, sheds, etc. The policy should also cover the contents of the home and provide some protection against liability in the event of an injury.

#3 – Check the Liability Limits

While your homeowners insurance already provides some level of liability coverage, it may not be enough to protect you and your assets. If your liability coverage is insufficient and you get sued, you could end up with significant out-of-pocket costs.

Raising your liability limits is often quite inexpensive, so it pays to check the cost of additional protection. You may be able to get even more liability coverage by tacking an umbrella policy on to your homeowners and automobile policies.

#4 – You Are Not Legally Obligated to Insure Your Home – But You Should

If you drive a car, you are legally required to carry automobile insurance. There is no such legal requirement for homeowners insurance, but it is still smart to have that protection in place. Your home is probably your most valuable asset, so it makes sense to give it the protection it deserves.

#5 – Raise Your Deductible to Lower Your Premium

One of the easiest ways to lower the premium on your homeowners insurance is to raise your deductible. It is generally a bad idea to file a small homeowners insurance claim anyway, since doing so could raise your rates down the line.

If you can afford it, raising your deductible to $1,000 or even $2,500 can lower your premiums and still protect you from a catastrophe. You can take the premiums savings and put the money in the bank to fund that higher deductible.

#6 – Check Your Credit Score Ahead of Time

Many homeowners insurance companies check your credit score, so it is important to know where you stand. Pull a copy of your credit report and check it for accuracy and ask for a printout of your credit score as well.

If you do find an error on your credit report, notify the reporting agency right away to have it corrected. Your credit can impact your premiums, so getting an early warning of a credit problem could save you a lot of money.

#7 – You May Need Additional Flood Insurance

Homeowners insurance typically does not cover damage caused by flooding. If you live in a flood-prone area, you may need to purchase additional flood insurance to keep your home protected.

#8 – Your Collectibles and Artwork May Not Be Covered

The typical homeowners insurance policy sets coverage limits on collectibles, artwork, fine jewelry and other valuable items. If you have an extensive art collection or a lot of fine jewelry, you might need to purchase additional coverage.

#9 – You Can Save Money by Shopping Around

Shopping around can save you a lot of money, since rates vary widely from company to company. It is worth your time and effort to get rate quotes from every insurance company in your area.

#10 – A Home Security System Can Save You Even More

Installing a modern security system can lower your premiums by making a break-in less likely to occur. If you have such a security system, be sure to let the agent know when requesting a quote. If you are thinking about installing a new or upgraded security system, call your insurance company first and ask about discounts. The insurance company may offer additional discounts for specific models.

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About Florida Insurance Tips

A Blog offering Tips and helpful navigation to better Insurance coverage in the State of Florida

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