Most people see homeowners insurance as a necessary evil. According to the Insurance Information Institute, the state of Florida has one of the highest average premiums for homeowners insurance. While this coverage will give you peace of mind in the event of accidental property damage, homeowners insurance can be quite expensive. Luckily, there are some clever ways to minimize the blow to your wallet.

First, it’s important to understand what affects your premiums. Rates are determined by a number of factors. These include coverage level, property location, property size, the build and age of your home, and your insurance score. Also, if you have previously filed claims, you’ll likely be charged higher premiums than homeowners with no claim history. Following are some steps you can take to reduce homeowners insurance costs:

Maintain a good credit score

When calculating your insurance score, insurers will look at your credit report information and insurance claim history. Paying your bills on time and keeping your balance on credit cards low will help your credit improve over time and, by extension, reflect positively on your insurance score.

Increase the deductible

The higher you increase your deductible, the more you’ll save on your premiums. If you choose to raise your deductible, be sure you have the means to cover the out-of-pocket costs if a critical situation arises.

Bundle policies

Many insurance companies offer discounts to customers who bundle their homeowners policy with other lines of insurance, such as auto and life insurance. In addition to being able to net more savings, this is a great way to cut out the hassle of dealing with multiple providers.

Secure your home

Some safety features such as smoke alarms, burglar alarms, deadbolts on doors and fire extinguishers can have a significant impact on your risk assessment. Though a significant investment, replacing an old roof will help you save money on energy and premiums, since water damage is the most common home insurance claim. If you live in areas prone to hurricanes and tropical storms, installing hurricane shutters and additional protective measures will often lead to lower insurance rates.

Call your insurer before adopting certain dog breeds

Many insurance companies have a list of dog breeds that will drive up homeowners insurance premiums. Some companies will deny coverage altogether or exclude liability for dog-related injuries if you own a restricted breed. While this shouldn’t stop anyone from adopting the breed of their choice, you may need to check out multiple insurers to find one that will take you and your dog.

Interested in moving to Fort Lauderdale or surrounding area? Fairway Fort Lauderdale is here to help you! Call us today to schedule an appointment where we can discuss your finances and determine the best home loan program for you. Schedule an appointment today!