The US insurance marketplace has become increasingly volatile in the recent past. This has resulted in rising premiums across all insurance products and markets.
For example, Florida residents are seeing some of the highest homeowners rate hikes and the largest number of policy nonrenewals in the nation. According to S&P Global Market Intelligence, in April 2022, Florida’s residential insurance market saw a cancellation of approximately 37,000 policies.
While insurance rates are increasing everywhere, there are several ways you can reduce your homeowners insurance costs and avoid policy denial.
Ask DSD To Review Your Coverage Annually
Allow us to conduct an Annual Risk Review to ensure you’re getting the best possible premium for the coverage you need.
DSD Insurance has long-term relationships with top carriers to ensure you have options to balance both quality coverage with competitive premiums.
At renewal, let’s do a comprehensive review of your needs, the coverage you have and the best options available to you for managing your risks at a competitive rate.
Lower Your Costs By Bundling Different Coverages
Get savings on your insurance premiums by bundling multiple products like your auto and home insurance policies. Discounts can also curtail your premiums. Insurance providers typically list the discounts they offer on their websites. Contact DSD Insurance to see if you qualify for some of the lesser-known opportunities.
Increase Your Deductibles
Increasing your deductible by $500 to $1,000 could save you as much as 25% on your premiums, according to the Insurance Information Institute. Insurance is designed to cover liabilities you cannot afford to cover. That’s why you want to balance the risk of a possible liability or claim against the annual savings of having a higher deductible.
Keep Up With Your Home Maintenance
Submitting claims may increase your premiums and, in some cases, even be grounds for non-renewal.
Ensuring your systems are working properly and identifying early signs of issues with your roof, your foundation, as well as electrical and plumbing systems –– may be all it takes to avoid significant losses, costly claims and higher premiums.
Fortify Your Home Against High Wind Damage
Fortifying your home’s structure and roof against wind-related damages might qualify you for wind mitigation discounts. Doing so is especially important in States like Florida, Louisiana, Alabama, Georgia, etc., where hurricane events are quite likely, damaging and costly to repair or replace your roof or home.
Filed Under: Homeowners Insurance