Homeowners’ insurance is mandated for any homeowner in Florida with a mortgage and it is wise for all homeowners to carry in case of serious damage to your home or its contents. Homeowners’ insurance can, however, be quite costly, especially in the state of Florida. Florida is considered a high risk state due to our history of hurricanes. Floridians pay a premium for homeowners’ insurance, often being forced to resort to Citizens Insurance as the provider. The good news is that many new private insurance companies have entered our South Florida homeowners’ insurance market and these companies are making it possible for homeowners to obtain better rates.
At Greenberg, Stone & Urbano, our homeowners’ insurance lawyers recognize that insurance can be a considerable expense for most families. We want to see our clients obtain the best coverage possible at the lowest rates. We offer the following list of tips for obtaining the best value on homeowners’ insurance:
- If you currently have a homeowners’ insurance policy and are considering switching to a different company, it is wise to first check on what the cost will be to terminate the policy. Often, insurance companies will charge a cancellation fee and this may factor into your decision to switch companies.
- When purchasing homeowners’ insurance, make sure your agent provides you with an accurate estimate of what it would cost to replace your home. Agents will often inflate the replacement estimate and sell you excessive coverage.
- Call around to multiple companies. Not all insurance companies will provide the same rates. In fact, different companies can vary significantly. Research will be your best bet to obtaining the most reasonable, but complete policy.
- Look into bundling your homeowners’ insurance and auto insurance with the same company. Many insurance companies will offer discounts if you carry multiple policies with them.
- Research and weigh your deductible carefully. For some homeowners, it may be wise to take a high deductible in order to lower your premiums. For others who anticipate making occasional claims, a lower deductible will be worth the higher premiums.
- If you have a good credit score, ask the insurance company if they offer discounts for this accomplishment. Many will automatically provide a better rate to those with good insurance rates.
- Be sure your policy is up to date. The insurance company will not point out gaps in your coverage and it will be up to you to make sure you are adequately insured. You should have the insurance company provide a new estimate as to your home’s replacement cost every few years as this may vary over time and you could save on your premiums.
- Remember that homeowners’ insurance does not protect against floods or hurricanes. Be sure to investigate these policies separately.
Contact the Homeowners’ Insurance Attorneys at Greenberg, Stone & Urbano Today For Your Free Consultation!
If you need assistance with a homeowners’ insurance related matter, contact the Miami Homeowners’ Insurance Attorneys at Greenberg, Stone & Urbano. Our exceptional firm offers the assistance you need to obtain the results you desire. We have over 130 collective years of experience representing homeowners against their insurers across South Florida and will put our extensive experience to work for you. Contact our firm as soon as possible to protect your legal rights. Our firm received an AV rating from Martindale Hubbell and was ranked as a top firm in South Florida by the Miami Herald. Call us at (888) 499-9700 or (305) 595-2400 or you can visit our website to schedule your initial consultation.