CWI Underwriters Blog

You can save money on homeowners insurance if you know how. Discounts from your insurance company are available for a variety of reasons, ranging from the type of building material used to build your home to how close you live to a fire station. Keep the following in mind when researching the discounts available to you:

     Install Hurricane Shutters. Verify how much of a discount is available for your home’s features or for any upgrades you make. For example, installing hurricane shutters on your home might result in as much as a 29 percent discount on your windstorm premium. If your current windstorm premium is $1,000, you could save $300. Other upgrades, like installing hurricane straps in your roof, may also result in savings.

§  In reference to hurricane protection, ask about any special requirements the company may have in order for you to qualify for a discount. For example, do the shutters need a specific wind rating? Does the company require an inspection of the home before granting the discount? Must the person inspecting the home be a licensed contractor, engineer or other professional? When will the discount or credit be applied? Ask what documentation the company requires, and where to send it. Some companies may want photographs, receipts and other verification that the upgrades were installed correctly. Be sure to keep copies of everything you submit, as well as a record of when you mailed it.

     Increase your deductibles. Deductibles are the amount of money you have to pay toward a loss before your insurance company starts to pay a claim, according to the terms of your policy. The higher your deductible, the more money you can save on your premiums. Nowadays, most insurance companies recommend a deductible of at least $1000. If you can afford to raise your deductible to $2500, you may save as much as 25 percent. Remember, if you live in a disaster-prone area, your insurance policy may have a separate deductible for certain kinds of damage. If you live near the coast in the East, you may have a separate windstorm deductible; if you live in a state vulnerable to hail storms, you may have a separate deductible for hail.

     Compare your policy limits to the value of your possessions annually. You want your policy to cover any major purchases or additions to your home, but you don't want to spend money for coverage you don't need.

     Avoid Risks That Insurers Evade. Insurers are shying away from some risks. For instance, owning certain types of dogs (Rottweiler’s, Doberman Pinschers, Pit Bulls), can limit or void your policy. Owning a swimming pool or a trampoline can increase your cost of coverage. Read all the fine print in your policy under the "Conditions and Coverage’s" sections so you know all the things that are excluded from coverage. You may opt to buy additional coverage to protect yourself from certain exposures.

For more insurance on affordable homeowners insurance, or to contact us, visit our website today! We’re CWI Underwriters, an independent insurance agency based in Plantation, Florida that is ready to take care of all of your insurance needs.