Frugal Fall: Top 5 Ways to Cut the Cost of your Florida Homeowner's Insurance

Wouldn't it be wonderful if, when you raked your front lawn this autumn, each and every fallen leaf were a hundred dollar bill? If Fall was actually short for "windfall"? If money really did grow on trees? Sadly, these fantasies aren't likely to come true anytime soon. And this fall, with the economy being what it is, chances are you'll be looking for ways to cut back on your expenses and save.

One way for Florida residents to do that is to lower the cost of their Florida homeowner's insurance. Here are five practical ways to do so:

Increase Your Deductible

As you probably already know, a deductible is the amount of money you must pay before your insurance company will begin covering a claim. Sure, the notion of having to pay a deductible of only $500 or $1,000 before the insurance kicks in is appealing. The problem is that over a period of months or years, you may end up paying considerably more in monthly premiums than you would if, say, your deductible was $2,500 and your premiums were lower. Consider choosing an insurance provider that offers a deductible equal to one percent of your home's insured value. This can be a practical and, ultimately, a cost-saving way to go.

Make Sure You Aren't Paying for Unnecessary Coverage

Read the fine print. Don't pay an insurance company to cover misfortunes that will befall your home on the day that pigs start flying (or money begins growing on trees!). If you live in a hurricane-free zone, don't pay for hurricane coverage. If you don't possess expensive adornments, don't pay extra for jewelry coverage. Of course, the flip side of this is that you do want to make sure your homeowner policy does cover important property and situations. We can help point out which coverage is most important (and economical) and which policy provisions might be pared.

Combine Policies and Get a Discount

Some insurance providers will offer a discount of as much as 15 percent if you purchase both homeowner's and auto insurance policies from them. In some cases, this can be a very shrewd way to go. On the other hand, appearances can be deceiving; check other companies' prices to make sure that buying two separate policies from two different providers wouldn't still be cheaper than lumping together two policies with a single company.

Clean Up Your Credit

Some insurance companies price their policies based on customers' credit information. You can achieve better credit score, or maintain an already-healthy one, by avoiding having too many open credit accounts, staying well below the credit limits on your accounts, paying more than the minimum amount due on your credit card accounts each month to keep the balances under control, and always paying your bills on time.

Think Twice About that Pit Bull and Trampoline

Did you know that adding certain features to your home environment, even in the form of pets, could increase the cost of your homeowner's insurance? It's true. Certain breeds of dog, including traditional "guard dogs" like Doberman Pinschers and Rottweilers, are considered "high risk breeds" by homeowner's insurance companies due to the likelihood that they may hurt someone. Similarly, swimming pools, trampolines, and other seemingly fun additions to your home's outdoor or indoor environment can increase the cost of your policy, due to the fact that they increase the risk for injury. Check with your provider before making purchases that have the potential to make your home environment less safe.

Talk to today about these cost saving measures and any others that may save you money on your insurance policy for the upcoming year.