Every homeowner in South Florida needs insurance. Countless people from Miami to Fort Lauderdale pay huge premiums each month. Unfortunately, it does not always guarantee your insurance company will come through whether you have fire damage, pipe leaks, fire damage or windstorm damage or theft. We have all heard the horror stories of underpaid and denied insurance claims. But there is another important issue. Are you paying too much for your premium? Fortunately, there are ways to help reduce your costs. Here are some helpful tips.
Ask For Discounts
It may sound obvious. But many homeowners do not take the time to ask their insurance agent about discounts. Many insurance companies will lower rates if your home is equipped with a smoke detector or sprinkler system. Insurance companies also look favorably on homes with security systems and deadbolt locks. If you have not filed a claim in more than five years, you may also be eligible for a reduction in your premiums.
Review Your Policy
Many Miami homeowners incorrectly assume their insurance policy will the entire cost of the home. If you paid $200,000 for a home, it may not be necessary to insure it for the same amount. Keep in mind the price of your property also includes the price of the land in addition to the house. Should your home experience significant fire damage or is a total loss, you only want to insure it for the amount to rebuild. The cost of the land should not come into play.
Increase Your Deductible
It may sound crazy to some people. Most homeowners are already paying huge amounts of money for their premiums. But did you know raising your deductible can decrease your premium? Increasing your deductible from $250 to $1,000 can cut your premium by as much as 30 percent. The larger the loss of from fire damage or windstorm damage you are willing to take, the lessy your premium will cost each month.
Explore Your Options
Many homeowners are set their ways. They have grown comfortable with having the same insurance company for several years. But there may be better options. Sadly, most homeowners spend more time looking for bargains at the grocery store than saving on their homeowner’s insurance. Also keep in mind, choosing the lowest rate is not necessarily the best option. Choose an affordable policy that covers what you need. One of the best ways to find a good rate is to visit the website of the National Association of Insurance Commissioners.
Put Yourself in the Best Position to Succeed
Protecting your home from fire damage, water leaks or mold damage isn’t easy. Simply having insurance may not always be enough–especially if your claim has been underpaid or denied. Miami claims insurance attorney Jonathan Korin understands the challenges many property owner face when dealing insurance companies. He and his legal staff at Korin Law, P.A. are committed to providing aggressive and comprehensive legal representation to help homeowners resolve their insurance claim disputes. To learn more on how a Miami insurance lawyer can help, contact their law offices today and schedule a free initial consultation.