JACKSONVILLE, Fla. – Property insurance affordability continues to be a hot topic of discussion for Floridians.
But some strategies could potentially save Floridians hundreds of dollars on their annual premiums.
Thousands of people in the state have seen their premiums rise in recent years, and dozens responded when News4JAX asked if their property insurance increased in the last year.
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“My premium went up 50% in one year. And I know lots of people that are going insurance-less these days. This especially hits seniors hard, when you’re living primarily on a fixed income,” Lyn wrote.
“Been with the same homeowners insurance company for more than six years with zero claims. I just received my renewal notice, and it’s so frustrating. The rates increased dramatically over the past two years; this should be illegal,” another reader wrote.
One option to save is bundling.
“The savings are usually significant. I would say at minimum $500 a year, possibly more,” Brightway Insurance Agent Matt Carlucci Jr. said.
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Carlucci Jr. has more than 20 years of experience in the insurance industry and said that while the options are limited, the reward could be worth it.
“It can be challenging to find somebody to bundle home and auto with but it’s not impossible. Typically, the big-name carriers that we all see on TV are the ones that bundle however, many of them are very selective and what they will insure for homeowners,” he said.
News4JAX found that bundling options may be available for homeowners with the following carriers: State Farm Insurance, Nationwide, AAA, Liberty Mutual, USAA, Allstate and Travelers.
According to data from researchers at Insurance.com which compares rates from top companies, Travelers and Nationwide offer the cheapest car and home bundles, followed by State Farm and Allstate.
Carlucci said bundling, however, may not be a one-size-fits-all for Florida homeowners.
“Just because you can bundle doesn’t mean that that’s going to be a better option for you than going to an independent agent and may place your home with one company or auto with another. That being said, if you’re already insured with one of those big-name carriers, it is absolutely worth a phone call to see if they can bundle your other line of insurance with them,” he said.
Carlucci said other ways to save money on your annual property insurance premium are to get a wind mitigation inspection, raise your insurance deductible and look at lowering contents coverage for belongings inside the home.
“Most claims are typically only for damage to the home itself, not the contents inside, at least in my experience. So if you’re going to look to save money, I’d rather see people look at restricting the coverage on their contents inside of the home, not changing coverage on the home itself,” he said.
At least eight new insurance companies are also entering the Florida market this year, so contact your insurance agent and continue to shop around.