It’s that time of year when many Miami residents are due to renew their home insurance. If you’ve already had your renewal notice through the mail, you may have been shocked at a considerable price hike. In case you missed the news about the plans, quite a few homeowners’ insurance providers have had approval to significantly increase their premiums for 2018, following a sizeable jump in claims. If you’re in the Miami-Dade area, this may affect you more than others, given the frequency of water and related claims. Wherever you are, even if your insurance provider hasn’t drastically bumped up the cost, you should always review your policy before you renew it.
Are You Eligible for a Discount?
Homeowners insurance is one product where it’s definitely not advisable to go for the cheapest option. Of course, you should do your research and find the best value policy but, as a Miami property damage attorney will tell you, going cheap can work out very expensive in the long term. With sixteen home insurance companies already hiking their prices, and seven more due to follow soon, you will want to do what you can to keep premiums down.
One fairly easy way to do this is to consider any discounts your provider offers, and how you could qualify. For example, you may just need a couple of extra storm shutters to benefit from a potentially substantial discount, or perhaps a better security system. Now’s the time to re-read your police and discuss your options with your agent.
Buy Only What You Need
If you’re due to renew other insurances, maybe for your car, your provider may offer a bundle, which could work out better value. Otherwise, make sure you’re not paying for insurance you don’t need. While you do need the homeowners’ insurance, check that you’re not over-insuring. You could also look at your deductible and decide if you can take the potential hit on having, say, a 5% hurricane deductible, or a bigger multi-peril deductible. Just like with going cheap and regretting it later, you shouldn’t agree to a deductible you won’t be able to pay out of your own pocket, should the worst happen.
Similarly, you may be able to save on your contents insurance but listen to your agent’s advice on this one. Is the saving on the premium really worth having to replace everything yourself?
Weigh Up Your Options
Once you know what you can afford, sit down with your insurance agent and discuss your options. Remember that it’s only worthwhile comparing quotes for policies with insurers who’ll actually cover your ZIP code – quite a few won’t offer homeowners insurance in Miami-Dade, for example.
As one last tip, you could benefit from paying out the $100-$150 for a home mitigation inspection with your current insurance provider. Maybe your agent didn’t get it quite right and your premium may get a little cheaper.
However you decide to proceed with your homeowners’ insurance renewal, if you get into a dispute about any property damage that may happen in the future, you may need the services of an experienced Miami property damage attorney. If this happens, get in touch with Korin Law’s Miami office on (786) 870-4266 to schedule an initial consultation.