Date post: | 20-Feb-2017 |
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Economy & Finance |
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7 Tips To Save Money on Orlando Home Insurance
BUY A NEWER HOME
Since newer homes tend to conform to the most updated building codes and are generally made with newer materials that have not had time to wear and weather, your insurance
company should give you a discount.
If you’re the first owner in the home, make sure your insurance agent
knows about it.
MOVE AWAY FROM THE WATER
Residential properties near bodies of water are fantastic for activities and
scenery, but can cause your homeowner and flood insurance
prices to be higher.
With flood insurance especially, living in a flood plain will raise your
premiums substantially.
RETIRE
Since retired individuals tend to spend more time around the house and would be quicker to notice the building on fire or deter a burglar, it
will save you money.
The cost savings on your insurance won’t justify an early retirement, but it’ll be nice when the income is less
consistent.
If you retired since the inception of your policy, let your agent know
about it, you’ve got the time!
PAY ON TIME
Insurers don’t like to get paid late, do you? Many will even tack on
additional surcharges or take away discounts if you are late on a
payment.
Make sure your home insurance policy always gets paid on time, even if your mortgage company is handling
the payments directly.
RENOVATE PLUMBING, ELECTRICAL, OR HEATING SYSTEM
Especially if you live in an old home, having a major renovation done to
your property can reduce your insurance costs.
BE CAREFUL: If your renovation work is not done by a licensed contractor,
you may have trouble with your insurance carrier and they may even drop you! Check with your carrier
beforehand.
DON’T FILE SMALL CLAIMS
Homeowner’s insurance exists to save you from being wiped out entirely, not from getting a large bill. The
decision to file a claim depends on repair costs, how quickly the damage needs to be fixed, and how much you
can afford to pay out of pocket. It should NOT depend on your belief
that “since I’ve been paying all these years, I may as well submit a claim”.
BE CAREFUL: If you don’t file a claim and don’t repair damage and things
get worse, you may face a much larger claim that your insurance
company could deny and getting your insurance cancelled.
BUY AN UMBRELLA POLICY
An umbrella insurance policy provides liability coverage in excess of the
limits provided on each of the other policies you own. If you have home, auto, motorcycle and boat insurance,
all with a million dollars of liability coverage, you could purchase one umbrella and reduce the liability
coverage on each individual policy.
BE CAREFUL: Most umbrella policies have required underlying limits for each individual policy and failure to
fulfill those limits can result in no umbrella coverage.
SunGate Insurance Agency - Lake Mary, FL
SunGateInsurance.comSunGate Insurance Agency1337 S International Pkwy
Ste 1311Lake Mary, FL 32746
(407) 878-7979