Written by: Emily Joswiak • July 19, 2022• Finance

5 Ways To Save Money on Your Homeowner’s Insurance

After you’ve paid off your mortgage, you must still pay property taxes and maintain insurance. Learn some ways to save money on your homeowner’s insurance here.

South Florida’s allure lies in its warm weather and access to beautiful shorelines. But it’s not all palm trees by the poolside: Miami-Dade, Broward, and Palm Beach counties get their share of seriously severe weather. Areas withing a mile of the ocean are more prone to storm damage.

Your home insurance rate will account for the added risk, but there are some ways to save money on your homeowner’s insurance. Assuming you’ve shopped around and selected an insurer known for good customer service and fair prices, these additional steps may help you reduce your premiums.

Ask for Discounts

Your insurer may offer discounts you didn’t know about, such as lower premiums, if you set up paperless billing or if there are no smokers in your household. They may also offer discounts for public service professions, so if you’re a first responder or an educator, you might be eligible for a price break.

Raise Your Deductible

Raising your deductible may seem risky, but look at it this way: if you raise your deductible and decrease your premium, you’ll have more money that you can save against future emergency expenses. Find out what the premium would be if you boosted your deductible by about $1,000, and then do the math to determine the percentage you’d save.

Increase Home Security

Dead-bolt locks, home security systems, and smoke alarms should all earn you a break on monthly premiums. In storm-prone areas, adding impact windows and doors is also essential, and local building codes may even require it.

Pay for the Small Stuff Yourself

If you can manage it, avoid filing claims for small damages. Insurance companies tend to raise premiums for customers who file frequent claims. If your deductible is $500 and the repairs cost $1,000, you may be better off foregoing filing a claim and just paying for the repairs yourself.

Remove Any “Attractive Nuisances”

Removing an in-ground pool isn’t cost effective, but if your property has other “attractive nuisances”—meaning things that could entice and injure kids—consider getting rid of those things. Treehouses, trampolines, fountains, or even piles of sand and gravel on your property can raise the risk that a curious child or adult could give in to curiosity and injure themselves. These “attractive nuisances” increase your liability risk and thus your premiums. Avoid them if you can.

Saving money on homeowner’s insurance is one way to cut the cost of living in beautiful South Florida. Make a few of these changes to your home to ultimately save money on your homeowner’s insurance.

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Last modified: July 25, 2022