Home Insurance in Miami>Question Details

Oliver von G…, Real Estate Pro in Coral Gables, FL

Any tips on homeowner insurance renewal to avoid a premium increase.?

Asked by Oliver von Gundlach, Coral Gables, FL Sat Jul 2, 2011

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The issue in Miami are hurricanes. Many homes are required to have windstorm insurance to qualify for financing. New regulations are eliminating some of the previews allowable discounts which will increase insurance premiums for homeowners that are already strapped for money. Only a few insurance companies are left in South Florida that cover windstorm insurance. The advice about combining multiple insurances (car, etc.) with the same insurance might help. Reducing your coverage is often not possible if you have a loan on the property. Besides that we all know how it is with insurances, the moment you don't have it you need it.
Thanks for everybody's input.
3 votes Thank Flag Link Mon Jul 4, 2011
Well, you can always cut back on coverage . . .
0 votes Thank Flag Link Mon Jul 4, 2011
Check with your insurance agency to see if they give discounts for any items such as roof type, hurricane shutters, monitored alarm/security system, or multi-discount (meaning auto and home). Make sure you are getting all the discounts you qualify for. If your agency is going to increase your rates, it wouldn't hurt to shop around and compare rates with other agencies. We use AAA. They represent several different agencies and can give you a quote on the best rate. Make sure you are getting the same coverage though.
0 votes Thank Flag Link Mon Jul 4, 2011
Shop around and also go for a combined quote with your car insurance. And... it may be worth getting a Wind Mitigation Report if you have a newer home or newer roof or garage door.
0 votes Thank Flag Link Sun Jul 3, 2011
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