Florida’s Chief Financial Officer, Jimmy Patronis, emphasizes the importance of understanding state laws and researching insurance options to save money. He advises homeowners to:
Understand their rights under Florida state law, which mandates insurance companies to lower premiums if homeowners can prove they’ve made certain home improvements. This incentive encourages homeowners to invest in enhancing their properties.
Utilize online resources like Google to find other insurance agents and carriers, in addition to traditional methods like the Yellow Pages. Getting quotes from different sources can reveal potential savings.
Regularly review insurance policies annually to ensure they align with current needs and circumstances. Inflation can affect replacement costs, so adjusting deductibles accordingly is prudent.
Consider increasing deductibles to lower premiums, but it’s essential to set aside additional savings to cover potential out-of-pocket expenses in case of a claim.
Take advantage of assistance programs like My Safe Florida Home, which offers grants to prioritize seniors and low-income individuals for making home improvements such as installing impact-resistant windows and doors, leading to potential premium reductions.
Evaluate insurance policies to eliminate unnecessary coverage, such as rental car insurance or roadside assistance, to reduce costs.
Verify the legitimacy of insurance companies by ensuring they have physical locations. Patronis encourages contacting Florida’s Consumer Service division for assistance or clarification on insurance matters.
By following these recommendations, homeowners can potentially save money on insurance premiums while ensuring adequate coverage for their needs.