Finding Affordable Homeowners Insurance

With the continued rising costs of homeowners insurance rates with no end in sight, here are some tips for reducing your costs. I encourage you to discuss these with your trusted insurance agent, who could also offer you additional tips:

– Select higher deductibles, including applying higher hurricane deductibles.
– Install central station burglar and fire alarms.
– Install sump pumps and/or generators.
– Review dwelling coverages and endorsements with your agent to determine where a reduction can be applied.
– Ask your carrier if they offer new home or new construction discounts/credits.
– If you can, pay your premiums in full every year to take advantage of 20–40% annual discounts.
– Bundle your auto and umbrella coverage for total account discounts.

How does the home’s construction type impact insurance or other costs?

When purchasing a home, people rarely consider the following and how their choices can affect their home insurance costs. Here are some areas to be aware of:

Typically, brick homes have a lower base insurance rate than frame homes — especially with those frame homes that are attached on one or both sides. If you have a mixed brick and frame home, it needs to be 60% or more brick to apply the lower brick rate to the policy. Note that some carriers rate these mixed homes as frame homes, regardless of the percentage of brick.

Keep in mind that flat roofs on either construction type present an issue for insurance carriers due to increased water damage claims. Some carriers won’t even consider quoting on these homes.

Older homes are full of charm and unique features — and plaster walls. These types of walls receive a higher rating. They are significantly more expensive to replace than drywall, which you will find on new homes (1950 and newer).