On average, between May 2021 and 2022, home insurance costs increased by 21%. With the cost of living and homeowner costs soaring, how do you keep up with your policy? Staying up to date with Florida insurance news can help you navigate the changing insurance costs.
Keep reading to learn what’s happening in Florida and how you can reduce your insurance premiums.
What’s Going on In Florida: Letter From Citizens Insurance
Recently, homeowners in Florida received a letter from Citizens Insurance. The letter outlined the reasons behind the increasing premiums and shed some light on what’s going on in the insurance industry.
Florida legislature gave Citizens the ability to increase rates by 50% on non-primary residences. However, Citizen’s isn’t the only insurance company raising rates. What’s causing this increase?
Soaring Premiums: The Rising Homeowners Insurance Rates in Florida
It’s no secret that Florida has been prone to natural disasters like hurricanes, which can cause significant damage to homes. However, the recent surge in insurance rates has left many homeowners scratching their heads.
Rising Construction Costs
As materials and labor become more expensive, insurers are passing on these increased expenses to policyholders. Additionally, the growing frequency and severity of weather-related incidents have led insurers to reassess their risk exposure and adjust rates accordingly.
Increase in Fraudulent Claims
Unfortunately, some individuals take advantage of the system by filing false or exaggerated claims. This results in financial losses for insurance companies. To offset these losses, insurers raise premiums across the board.
Tips for Reducing Costs of Homeowners Insurance in 2024
As homeowners in Florida continue to face the burden of rising insurance rates, finding ways to reduce these costs becomes crucial. Here are some helpful tips for lowering your homeowner’s insurance expenses in 2024.
Shop Around and Compare
Don’t settle for the first policy you come across. Take the time to research and obtain quotes from multiple insurance providers. By comparing different options, you can find a policy that offers adequate coverage at a more affordable rate.
Increase Deductibles
Consider raising your deductible amount if you have enough savings to cover it in case of an emergency. A higher deductible usually results in lower monthly premiums, saving you money over time.
Improve Home Security Measures
Making your home more secure can provide peace of mind and potentially reduce your insurance costs. Installing burglar alarms, deadbolts, smoke detectors, or even a sprinkler system could make you eligible for discounts on your premiums.
Ask for Discounts
It never hurts to ask your insurance provider if there are any available discounts that you may be eligible for. Insurers often offer discounts for retirees, non-smokers, or individuals with good credit scores.
Review Your Coverage Regularly
As your circumstances change, so do your insurance needs. Reviewing your coverage annually and making any necessary adjustments can help ensure that you have adequate coverage at the best price.
Make Home Improvements
Home improvements, such as updating your plumbing or electrical systems, could lower your insurance costs. These upgrades can reduce the risk of damage to your home and may qualify you for discounts.
Stay Up-to-Date on Florida Insurance News
It’s important to stay up-to-date on Florida insurance news and understand how these changes may impact your policies and rates. Are you looking for more information on changing markets? Check out more articles across our site.
