6 Tips For Saving On Your Tampa Homeowner's Insurance

By Corrie Forcet, Realtor® of The Forcet Group | KW Suburban Tampa

A wind mitigation inspection will lower your home's risk and qualify you for credits from the insurer

According to a recent report from the Insurance Information Institute, Florida's average annual premiums have risen to more than $4,200 – triple the national average. The same report estimates that 13% of all Florida homeowners carry no property insurance, nearly double the national average of 7%.

Reducing your Tampa homeowner's insurance premium may be possible for you.

Here Are Some Tips:

• Shop around. You can and should switch insurance providers if you discover that you can receive more affordable coverage elsewhere. Set a reminder annually or bi-annually to shop around and get quotes to ensure you are always getting the best rate. If you own multiple properties, it may be worth investing in a broker. Trust us, broker fees will pale in comparison to the savings you gain over the course of a few years.

• Ask about discounts. You'd be surprised; there may be discounts right underneath your nose. These might include discounts for seniors or retirees, gated community discounts, accredited builder discounts, newer roof discounts, companion policy discounts, and electronic policy distribution discounts.

• Get a wind mitigation inspection. All Florida home insurers are required to offer credits to homeowners who take measures to make their homes more wind resistant. Fortifying and reinforcing your Tampa home will not only prevent major damages in case of severe weather, but it can seriously impact your premium for the better.

• Increase Your Deductible. If you feel confident that your particular property or its location is less susceptible to destructive storms, it could be worth raising your deductible - which will, in turn, reduce your monthly premium.

• Avoid minor claims. It's tempting to cash in on your insurance when you experience damages from severe weather. However, the more claims made to your property, the more "high-risk" it becomes in the eyes of your insurer. Talk to your Realtor® about the wisest course of action when you experience damage to your home after a storm.

• Strategic purchasing. Finally, where and what you buy can make all the difference. Purchasing near the coast or buying an older home can greatly increase the cost of Tampa homeowner's insurance. Consider these factors for any future purchases, and if your monthly premium becomes burdensome, do not go without coverage. Talk with your Realtor® about your options to sell and then buy a lower-risk property.

Consulting with a Realtor® can save you time and money - even when it comes to saving on your homeowner's insurance. An agent can give you expert advice about how to reduce your property's risk.