A Homeowner Can Save 20% Save 70% on their Annual Homeowners Insurance

For a resident currently paying an annual premium of $7,500, the savings can range from $1,500 - $5,250 each and every year.

There are two steps you need to take that are simple and relatively effortless.

1. Mitigation Inspection

• Why do I have to have an inspection?
• What does an inspection cost and what is the guarantee?
• What is the potential savings?
• Who should I contact to obtain an inspection?
• What are the facts on the free inspection program from the state program?

2. Rate Comparison

• What is the potential savings?
• How do the different insurance companies prices compare?
• How is an independent insurance agent different than an insurance company?

Florida Wind Insurance Savings Calculator!

This online tool provides homeowners and builders with a general indication of the types of wind insurance savings available from Florida insurance companies for building features that reduce damage during high wind events like hurricanes. This online tool will let you know if a construction feature is worth a 2% or 20% discount.

Click here to visit website and use calculator

Mitigation Inspection - FAQ's

Q. Why do I have to have an inspection to get discounts from my insurance company?
A. Following answer from Florida Dept. of Financial Services:

In 2005, the Florida Legislature enacted a law requiring all residential property insurance companies to file with the Office of Insurance Regulation a range of premium discounts they propose to offer. In order to take advantage of the discounts, most homeowners will need a licensed professional (general, residential or building contractor, building inspector, registered architect, engineer or certified building code official) to inspect the home to identify potential mitigation measures and legally verify improvements.

Q. Do I have to make changes to my home to quality for a discount?
A. (myFlorida.com) Most existing houses have one or more wind resistive construction features and may qualify for some insurance discounts. In addition, houses built after 1994 in Miami-Dade or Broward Counties and houses built after 2002 in the rest of the state have many wind resistive construction features and will likely qualify for credits.

Q. What is the potential savings?
A. Most homes have some form of wind mitigation protection and can expect to save at least a few hundred dollars each year. If you have hurricane shutters, you can save as much as 30 – 50%.

Q. What is the cost of an inspection?
A.The price of a wind mitigation inspection will range from $100 - $150.

Homeowners Insurance - Rate Comparison

Shopandcompare.com
Florida Office of Insurance Regulation

Governor Charlie Crist and the Florida Office of Insurance Regulation has created a website that compares homeowners insurance rates.

The comparison is based on a Palm Beach county, 5-year old, Florida concrete block home, with a current replacement value of $150,000, a $500 non-hurricane deductable and a 2% hurricane deductible, and NO WIND mitigation discounts.

Their note: “This is being provided for comparison purposes only to demonstrate the importance of shipping for insurance quotes.�

They compare 26 companies with a wide range of prices. Find out how companies like State Farm, Universal Property, Citizens Property, Allstate, Edison Insurance, Coral Insurance, and Security First Insurance ranked.

You can see from the chart below that the price differences for the same home is quite large. The 26th company rate is 450% of the first company. Link to view all 26 companies on the website.

Shopandcompare Note: The listing of an insurance company on this site does not constitute an endorsement by the Office of the Governor or the Office of Insurance Regulation.

The rates provided here do not include surcharges or discounts that may apply to a particular policy. Actual premiums may vary.

Click here to visit their website or click here to view the 26 company comparison

Independent Insurance Agent vs. Captive Agent

Captive agents (those who work for the insurance company) provide you guidance and products related to a single companies product.

Independent insurance agents represent multiple companies and can compare pricing and services that best meet your requirements.

You will notice from the price comparison that the lower priced rates were from companies that are typically represented by independent agents.