How to lower your premium after the homeowner’s insurance reform?
How to lower your premium after the homeowner’s insurance reform? In the last week of May, the State Congress approved a package of measures to alleviate the homeowner’s insurance crisis in Florida that, at a practical level, can influence the price of your insurance premiums.
Starting now, you have the opportunity to increase the ceiling deductible on your homeowner’s insurance contract. In return, the insurer would lower the price of the policy. Best of all, this more expensive deductible will not apply in the event of a total loss, caused by a covered peril such as a hurricane or falling tree. Since the policies are annual, you can make changes to your insurance contract when you renew the policy.
Another way to benefit from the new reform is through the My Safe Florida Home Program, whose goal is to make properties less vulnerable to hurricanes. The program will award relief money to homeowners who renovate their homes. For every dollar invested in home improvement, the homeowner will receive two dollars in grants, up to a maximum of $10,000 in assistance. That is, you spend $5,000 and the state gives you $10,000.
With this grant, you could renew the windows, and the roof, and as a consequence, get your insurer to lower your insurance premium.
The requirements to qualify for the My Safe Florida Home Program include that the home is appraised at $500,000 or less, has been inspected for hurricane mitigation after 2008, and the homeowner benefits from a property tax exemption under Chapter 196, that is, that it be your habitual residence.
After years of skyrocketing homeowners insurance premiums, there seems to be a light at the end of the tunnel.
At Univista Insurance our specialists can explain more about how to reduce your homeowner’s insurance premium. How to lower your premium after the homeowner’s insurance reform?